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

January 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: India's TCS quarterly profit up 47 percent, beating forecast

Related Stories

India's TCS quarterly profit jumps 21 percent

July 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.

India's TCS announces 14.7% Q2 profit jump

October 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%

January 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 says profit jumps 44%, beats estimates

October 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.

Recommended for you

Internet giants race to faster mobile news apps

October 4, 2015

US tech giants are turning to the news in their competition for mobile users, developing new, faster ways to deliver content, but the benefits for struggling media outlets remain unclear.

Radio frequency 'harvesting' tech unveiled in UK

September 30, 2015

An energy harvesting technology that its developers say will be able to turn ambient radio frequency waves into usable electricity to charge low power devices was unveiled in London on Wednesday.

Professors say US has fallen behind on offshore wind power

September 29, 2015

University of Delaware faculty from the College of Earth, Ocean, and Environment (CEOE), the College of Engineering and the Alfred Lerner School of Business and Economics say that the U.S. has fallen behind in offshore wind ...


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.