Net profit of India's largest IT firm TCS up 23%

Jan 14, 2013

India's biggest IT outsourcer, Tata Consultancy Services, said on Monday that net profit beat forecasts to rise 23 percent in the third quarter despite economic woes in its main markets.

Consolidated net profit for the firm, known as TCS, was 35.53 billion rupees ($652 million) for the three months to December, up from 28.87 billion rupees a year earlier, according to international accounting norms.

Analysts had forecast TCS to show a profit of about 33 billion rupees.

"We had an excellent quarter of well-rounded performance," said chief executive N. Chandrasekaran, with revenue growth seen across services, industries and regions.

He said clients would "invest in making their operations 'digital-ready' in 2013 and drive business growth".

Revenue for the quarter rose 21 percent to 160.7 billion rupees, TCS said in a statement.

TCS, which does not offer a , counts blue chip firms like General Electric, Citibank, and Sony among its main clients.

The outsourcer said it hired 9,591 people in the quarter and bagged seven large deals.

Its nearest rival Infosys last Friday reported a stronger than expected and gave an improved outlook for annual revenues.

TCS and Infosys lead India's flagship IT outsourcing industry, which carries out a wide range of jobs for Western firms such as answering calls from bank customers, processing insurance claims and developing software.

India, with its large English-speaking workforce, accounts for at least 50 percent of the global outsourcing market.

Explore further: It's down to the wire for online shopping

add to favorites email to friend print save as pdf

Related Stories

India's TCS says profit jumps 44%, beats estimates

Oct 19, 2012

India's biggest software exporter TCS said Friday its quarterly net profit jumped 44 percent, beating estimates, as outsourcing orders rose despite economic troubles in the firm's major markets.

India's TCS announces 14.7% Q2 profit jump

Oct 17, 2011

India's biggest software exporter, TCS, said Monday its quarterly net profit rose 14.7 percent, marginally below estimates, as concerns over global uncertainty offset improved outsourcing demand.

India's largest IT firm TCS Q3 profit up 23%

Jan 17, 2012

India's biggest outsourcing company, Tata Consultancy Services, reported on Tuesday that net profit rose 23 percent in the third quarter, matching forecasts, thanks to a rise in orders.

India's TCS quarterly profit jumps 21 percent

Jul 15, 2010

India's largest software exporter Tata Consultancy Services (TCS) reported Thursday its quarterly net profit jumped 21 percent, beating forecasts, as demand for outsourcing improved.

Recommended for you

It's down to the wire for online shopping

31 minutes ago

As the holiday shopping season winds down, FedEx, UPS and online retailers are using the last few days to try to avoid the problems that occurred last year when severe winter weather and a surge in late orders ...

China's Xiaomi raises more than $1 bn in funding

Dec 21, 2014

China's top smartphone seller Xiaomi Corp. is raising more than $1 billion in a fresh round of funding, a move which would raise its valuation above $45 billion, a report said Sunday.

Why the Sony hack isn't big news in Japan

Dec 20, 2014

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

Dec 20, 2014

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

Dec 20, 2014

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.