TCS announces 29 percent quarterly profit jump
India's biggest software services exporter, TCS, reported Friday that
its quarterly net profit rose by 29 percent as the company sealed more
deals in a better global business environment.
Net profit for Tata Consultancy Services, widely known as TCS, in the
second quarter ending September increased to 16.24 billion rupees (351
million dollars) from 12.62 billion rupees a year earlier.
Revenues rose three percent to 74.3 billion rupees, according to US
accounting norms, the company said in a statement.
TCS shares rose 14.75 rupees, or 2.63 percent, to 599 rupees on the
Mumbai stock exchange ahead of the earnings announcement, which beat
market expectations.
"This was a very satisfying performance as we saw strong volume
growth," said N. Chandrasekaran, TCS' new chief executive, who took over
from S. Ramadorai earlier this month. "We are seeing an improvement in
market conditions."
India's outsourcing sector was hurt by the global economic slump that
hit spending by customers.
But TCS, part of India's giant tea-to-telecommunications Tata Group,
added 300 employees during the three months. Chandrasekaran said the
company would monitor foreign exchange movements against the backdrop of
a sharp rise in the rupee.
AFP |