TCS reports US$517mn in net profit for fiscal 3Q11

- Tuesday, January 18, 2011

TCS reports US$517mn in net profit for fiscal 3Q11

Indian IT services firm Tata Consultancy Services (TCS) saw its net profit jump to US$517mn for fiscal 3Q11, ended December 31, according to results released in a company statement.

The net profit figure was a 14% increase compared with 2Q11 and a 35% year-on-year increase. Revenues were at US$2.14bn for 3Q11, up 7% sequentially and 31.1% year-over-year.

During the quarter, TCS added 35 new clients and 20,219 employees, the highest ever gross addition to the company's workforce during a single quarter. The company said its offshore revenues were up 30 percentage points to 51.4%, with revenues from non-Indian global network delivery model (GNDM) centers at 4.9%.

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Additionally TCS was awarded three patents. As of December 2010, the company had applied for 413 patents and has been awarded 67.

TCS attributes the growth to mature markets and a volume boost of 5.7%, with a push coming from developed markets like the US and Europe, as well as Asia, the Middle East and Africa. The company also cited fast growth in new service lines such as assurance and infrastructure services, as well as business deals with companies in industries like healthcare, aviation and professional services.

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

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