TCS Q1 net up 37.39% at Rs 3,318 cr

Tata Consultancy Services on Wednesday reported a 37.39 per cent jump in consolidated net profit at Rs 3,317.68 crore (Rs 33.17 billion) for the first three months of this financial year.

The company's revenues rose 37.71 per cent to Rs 14,868.71 crore (Rs 148.68 billion) in the first quarter of 2012-13 from Rs 10,797.02 crore (Rs 107.97 billion) in the year-ago period, TCS said in a filing to Bombay Stock Exchange.

The company had posted a net profit of Rs 2,414.76 crore (Rs 24.14 billion) for the same quarter of the previous fiscal (2011-12).

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"We have seen strong, secular growth across all our service lines and industry segments driven by robust volumes from key markets like North America, Europe and UK.

"We have also absorbed the impact of wage hikes and maintained our profitability in a volatile setting," TCS CEO and MD N Chandrasekaran said.

He said TCS continues to see good demand from global corporations as they successfully navigate an increasingly complex environment.

"Our investments in new technologies and platforms are bearing fruit with increasing market traction," Chandrasekaran added.

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The company said growth in the reported quarter was very broad-based and growth was seen across all industry segments led by retail, telecom and banking, financial services and insurance.

"The unprecedented volatility among major currencies and the Indian rupee will continue to be a challenge in the short term and we are taking the steps to mitigate any risks arising

from this scenario," TCS CFO and Executive Director S Mahalingam said.

TCS added 29 new clients during the quarter.

In the April-June 2012 quarter, the company added 13831 (gross) and 4962 (net) people, taking its total headcount to 2,43,545.