TCS net income surges 14.8% to US$534mn during fiscal Q2

- Monday, October 17, 2011

TCS net income surges 14.8% to US$534mn during fiscal Q2

Indian IT services firm Tata Consultancy Services (TCS) posted net income of US$534mn in fiscal 2Q12, ended September 30, up 14.8% from US$465mn in the year-ago period, according to the company's latest financial results.

Revenues for the quarter were US$2.53bn, up 25.9% year-on-year compared to US$2.00bn.

During Q2, growth was led by energy and utilities, followed by retail, manufacturing, travel and transportation, and the banking, financial services and insurance industry.

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The company won 35 new customers during the quarter, totaling more than 1,000 active clients, and closed contracts for 12 projects worth more than US$100mn in Q2.

TCS has also continued with its organic growth strategy, hiring more than 12,500 consultants, totaling 214,000 professionals.

"We continue to make the necessary investments to support our future business growth in different markets as we remain in expansion mode. However, we are also working to optimize our cost structure and keeping a close watch on economic signals," said S Mahalingam, CFO and executive director at TCS.

In Latin America, TCS has operations in Mexico, Argentina, Chile, Uruguay, Colombia, Brazil, Ecuador and Peru.

Use this link to view the full results.