The country’s top software services exporter, Tata Consultancy Services (TCS), declared third-quarter results that were well ahead of general expectations.
TCS’ quarterly net profits surged to Rs 1,824 crore, a jump of 12.32% compared to the previous quarter, while its revenues grew at 2.86% to Rs 7,648.
After another IT giant, Infosys, declared positive Q3 results on Monday, TCS’ results would support the view that the IT industry is on its way to recovery after being savaged by the global financial crisis of 2008-09. Most Indian IT players rely heavily upon clients in the banking, financial services and insurance (BFSI) companies in the developed world, which were the worst-hit during the crisis.
At a press conference, the TCS top management said the company was witness broad-based recovery in demand though clients in the US led. “Of the 10 big deals we did, seven were from North America.”
“Asia-Pacific and India also witnessed strong demand growth and we posted growth across all verticals this quarter,” the management said.
TCS signed 10 ‘significant’ deals in the quarter, it said, adding that revenue from the top clients had picked up.
As earnings grow and margins improve, TCS — one of the most aggressive of Indian companies when it comes to hiring — said it would start campus hiring for FY11 and has made 5,500 offers so far. It aims to induct about 8,300-8,400 people via campus hiring in January-March.
The company has also hedged its deals with clients at Rs 45.70 to the US dollar as it expected the rupee to strengthen against the greenback in the near term.
Courtesy:Samachar
No comments:
Post a Comment