The country’s largest software company, Tata Consultancy Services (TCS) beat market predictions on Monday with a hefty 50 per cent hike in its net profit for January-March 2010 compared with the same period a year ago.
The company posted a net profit of Rs 2,001 crore during this period. In US dollar terms its profits were even higher at 59.69 per cent.
The results assume significance especially after profits of Infosys Technologies for the same period took a hit due to rising rupee. TCS appeared to have been better prepared for the stronger local currency
In rupee terms Infy had reported a marginal decline of 0.9 per cent in its net profit for January-March 2010 period as compared to similar period, a year ago. In dollar terms, however, the profits soared by 8.7 per cent during January-March 2010 compared to last year.
“Stong volume growth of 17 per cent during the year has rounded off an exceptional year for TCS. Our sales and execution machine is primed and we have laid a solid platform for growth,” said N. Chandrasekaran, CEO and MD of TCS.
TCS revenues stood at Rs 7,738 crore during January-March 2010, which was up 7.9 per cent compared with same period a year ago. For 2009-10 its profit rose by 33 per cent year-on-year at Rs 7,001 crore from Rs 5,256 crore. Profits rose by 9.7 per cent when compared to October-December 2009.