TCS net income surges 30% to US$538mn during fiscal Q1

Thursday, July 14, 2011

Indian IT services firm Tata Consultancy Services (TCS) posted net income of US$538mn in fiscal 1Q12, ended June 30, up 30.3% from US$414mn in the year-ago period, according to the company's latest financial results.

Revenues for the quarter were US$2.41bn, up 34.4% year-on-year compared to US$1.79bn.

According to the statement, growth across the industry was led by hi-tech, retail and the banking, financial services and insurance (BFSI) sectors, with a balanced growth across IT and other service lines, led by infrastructure, assurance and global consulting services.

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All markets, including the US and Europe, grew alongside growth markets like India and Asia-Pacific.

In terms of intellectual property, as of June 30, the company has applied for 411 patents, including 69 applied for during the last quarter. From those, the company has been granted 68, according to the release.

Use this link to view the full results.