MUMBAI: India's largest software exporter Tata Consultancy Services on Monday said consolidated net profit rose 29.8 percent in the third quarter, beating forecasts, as outsourcing orders strengthened.
Net profit was 23.69 billion rupees ($526 million) for the three months to December, up from 18.24 billion rupees a year earlier.
Turnover for the quarter rose 29 percent to 98.57 billion rupees, a statement to the Mumbai stock exchange said.
Analysts expected TCS to show profit of about 22 billion rupees.
"We have delivered another stellar quarter, capturing volumes. Demand continues to be strong," the company's chief executive N Chandrasekaran said in a statement.
The US and European markets continued to lead demand recovery, the company said.
During the quarter, TCS added nearly 12,500 employees and 35 new clients.
On Monday, TCS shares rose 1.74 percent or 19.45 rupees to 1,138.45 on the Mumbai stock exchange prior to the earnings announcement.
Last week, rival tech giant Infosys posted a disappointing 14.1 percent rise in consolidated net profit to 17.8 billion rupees, warning future growth could be hurt if recovery in developed markets weakens.
Market Watch
Monday, January 17, 2011
India software giant TCS net profit up near 30%
8:32 PM
Sebin Santhosh
