October 27th, 2010 by admin
India’s largest software services company, Tata Consultancy Services (TCS), has seen its best quarter ever after it posted a 32 percent increase net profit to Rs 2169 crore in the second quarter ended September 2010.
The increase in net profits was boosted by increased outsourcing orders from overseas clients.
TCS posted a record revenue growth of 25% to Rs 9,286 crore compared to Rs 7,435 crore in the same period last year, beating street estimates . It is the first IT company to clock a revenue of $2 billion in a quarter and if the growth momentum continues it could be an over $8 billion company by the end of this fiscal. Last week, Infosys had led the charge in the IT sector by reporting a 13% increase in net profit.
N Chandrasekaran, the company’s CEO and MD said on Thursday, “that the company’s performance this quarter has been the best till date. The quarter was primarily volume-driven with the software giant adding 30 new clients. It closed eight large deals worth over $50 million each from banking, retail, insurance and media sectors.”
TCS was able to manage to experience revenue growth in all the geographies it operates from and from all industry verticals including financial services, telecom, and manufacturing.