India's biggest IT outsourcing firm, Tata Consultancy Services, on Thursday reported a 49.6 percent jump in quarterly net profit, beating market forecasts, led by new contracts and foreign exchange gains.
The company, popularly known as TCS and part of the steel-to-tea Tata conglomerate, said consolidated net profit for the three months to December rose to 53.14 billion rupees ($854 million), up from 35.52 billion rupees a year earlier.
Analysts had forecast TCS would show a profit of around 51 billion rupees.
"The numbers are much better. It's been a good quarter. We added more customers across the board," TCS chief executive N. Chandrasekaran told reporters in Mumbai.
"The deal flow was very good. Every market grew, with the exception of India," he said.
The latest figures also showed that revenue at the firm jumped 32.5 percent in the last quarter to 212.94 billion rupees.
Chandrasekaran said the company was not expecting much growth in the Indian IT market in the coming months due to political uncertainty ahead of the general elections due by May.
But the CEO was optimistic about higher growth overall in the next financial year, predicting bullish growth in the company's key United States market.
"The early indications for the next fiscal year are very bright. [The year] 2014-15 will be much stronger than the last year," Chandrasekaran said.
TCS, which signed at least seven large contracts in the third quarter, hired 14,663 people during the same period.
It counts blue-chip companies such as British Airways, BP, Citigroup and Microsoft among its main clients.
Indian outsourcing giant Infosys last week reported a better-than-expected 21.4 percent jump in quarterly profit and also hiked its full-year revenue outlook, as demand improved from Europe and the US.
Both TCS and Infosys, which lead India's flagship IT outsourcing industry, have shown higher revenues as their clients -- mostly US and Europe-based firms -- have started to spend more on technology and outsourcing.
India's IT outsourcing industry 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.
India’s biggest IT outsourcing firm, Tata Consultancy Services, on Thursday reported a 49.6 percent jump in quarterly net profit, beating market forecasts, led by new contracts and foreign exchange gains.
The company, popularly known as TCS and part of the steel-to-tea Tata conglomerate, said consolidated net profit for the three months to December rose to 53.14 billion rupees ($854 million), up from 35.52 billion rupees a year earlier.
Analysts had forecast TCS would show a profit of around 51 billion rupees.
“The numbers are much better. It’s been a good quarter. We added more customers across the board,” TCS chief executive N. Chandrasekaran told reporters in Mumbai.
“The deal flow was very good. Every market grew, with the exception of India,” he said.
The latest figures also showed that revenue at the firm jumped 32.5 percent in the last quarter to 212.94 billion rupees.
Chandrasekaran said the company was not expecting much growth in the Indian IT market in the coming months due to political uncertainty ahead of the general elections due by May.
But the CEO was optimistic about higher growth overall in the next financial year, predicting bullish growth in the company’s key United States market.
“The early indications for the next fiscal year are very bright. [The year] 2014-15 will be much stronger than the last year,” Chandrasekaran said.
TCS, which signed at least seven large contracts in the third quarter, hired 14,663 people during the same period.
It counts blue-chip companies such as British Airways, BP, Citigroup and Microsoft among its main clients.
Indian outsourcing giant Infosys last week reported a better-than-expected 21.4 percent jump in quarterly profit and also hiked its full-year revenue outlook, as demand improved from Europe and the US.
Both TCS and Infosys, which lead India’s flagship IT outsourcing industry, have shown higher revenues as their clients — mostly US and Europe-based firms — have started to spend more on technology and outsourcing.
India’s IT outsourcing industry 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.
