India's TCS reports 22% rise in quarterly profit

Apr 17, 2013

India's biggest IT outsourcing firm, Tata Consultancy Services, on Wednesday reported a 22 percent jump in quarterly net profit, in line with market forecasts, led by stronger outsourcing orders.

The company, which is popularly known as TCS and is part of the steel-to-tea Tata , said was 35.97 billion rupees ($661 million) for the three months ended March, up from 29.32 billion rupees a year earlier.

Analysts had forecast TCS would show a profit of about 36 billion rupees.

TCS, which does not offer a , counts blue-chip companies such as , Microsoft and Sony among its main clients.

"The mood is positive. Deals are getting closed," said TCS chief executive N. Chandrasekaran, adding that business grew in the retail, financial services, insurance and manufacturing sectors across geographic markets.

"We expect the fiscal year 2013-14 (which started April 1) to be better than the last fiscal," he told reporters in the city.

He said TCS is pursuing deals of a larger size this year compared to last year.

Its rival Infosys last week reported a 3.4 percent rise in net profit to 23.94 billion rupees ($439 million).

But lower-than-expected January-March revenues and sales projections for the coming 12 months saw Infosys shares tumble by over 21 percent in a single day.

India, with its large English-speaking workforce, accounts for at least 50 percent of the global outsourcing market and the industry is a vital exporter.

Explore further: Ericsson profit down 10 pct despite higher sales

add to favorites email to friend print save as pdf

Related Stories

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.

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 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.

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.

Recommended for you

Microsoft drops Nokia name from smartphones

1 hour ago

Microsoft said Friday it was dropping the Nokia name from its Lumia smartphones, rebranding following the acquisition earlier this year of the Finnish group's handset division.

Amazon's loss makes holidays a question mark

1 hour ago

Amazon's trademark smile icon is becoming more of a grimace. The world's largest online retailer reported a wider third-quarter loss than analysts expected and gave a disappointing holiday forecast.

Ericsson profit down 10 pct despite higher sales

5 hours ago

Wireless equipment maker Ericsson says its third-quarter earnings slumped 10 percent despite higher sales due to increased operating costs and negative effects from currency hedging.

Glass maker deals to exit Apple, Arizona plant

8 hours ago

Nearly 2,000 furnaces installed in a factory to make synthetic sapphire glass for Apple Inc. will be removed and sold under a deal between the tech giant and the company that had been gearing up to produce huge amounts of ...

User comments : 0