Increasing its lead over closest rival Infosys, India's largest software exporter Tata Consultancy Services (TCS) registered a 49% year-on-year surge in its net profit at Rs 3,434 crore and a 34% increase in net revenue at Rs 15,621 crore for the second quarter of the financial year against the same period last year.
The strong performance that met analyst expectations came a week after Infosys, India's second largest software exporter, disappointed investors with yet another quarter where it missed guidelines and cut forecasts.
Its smaller peer, the fourth largest HCL Technologies, which announced results two days ago, far outperformed industry average and posted a 78% growth in profits. Wipro, the No.3 IT player, is yet to announce its earnings.
TCS, whose results came after stock trading closed on Friday, roped in 41 new clients, added 10,531 people and brought attrition to 11.4% - the lowest in 10 quarters - during the July-September quarter.
The company said Rajesh Gopinathan, vice-president, business finance, will take over as the next chief financial officer when S Mahalingam retires next February.