MUMBAI: India’s biggest IT outsourcing firm, Tata Consultancy Services, yesterday reported a 34 percent jump in quarterly net profit, beating market forecasts, led by outsourcing deals and new contracts.
The company, popularly known as TCS and part of the steel-to-tea Tata conglomerate, said consolidated net profit rose to Rs47.02bn ($760m) for the three months to September from Rs35.12bn in the same period a year earlier. Revenue jumped 34 percent to Rs209.77bn, the company said.
Analysts had forecast TCS to post a profit of Rs45bn. “It was yet another great quarter. We have demonstrated all-round strong growth across markets and industries, highlighted by efficient and rigorous execution,” Chief Executive N Chandrasekaran said in a statement.
Chandrasekaran said TCS, which signed at least nine large contracts, has a “robust demand pipeline” and the company hired 7,664 people in the quarter. TCS counts blue-chip companies such as British Airways, BP, Citigroup and Microsoft among its main clients. In the quarter, TCS added three new clients whose business is over $100m, totalling 22 such clients.