Indian Tech firm Tata Consultancy (TCS) reports profits on order wins!
By Tarry Singh at 15 January, 2010, 4:52 am
Tata Consultancy Services Ltd., India’s largest software exporter, reported quarterly profit that beat estimates after customers increased spending.
Net income climbed 33 percent to 18 billion rupees ($393 million) in the three months ended Dec. 31, from a year earlier, Mumbai-based Tata Consultancy said today. That beat the 16.1 billion rupee median of 22 analyst estimates compiled by Bloomberg. Sales rose 5.1 percent to 76.5 billion rupees.
Tata Consultancy joins second-ranked Infosys Technologies Ltd. in reporting earnings that beat estimates, signaling demand for their services may be rebounding as the global recession eases. A recovery in the financial services sector helped Infosys add 14 clients from the industry last quarter, the company said Jan. 12 after posting a 15.8 billion rupee profit.
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