India's TCS quarterly net profit up 28% per cent
INDIA'S largest software outsourcer TCS said its first quarter net profit jumped 28 per cent, beating forecasts, as demand for outsourcing improved.The firm, part of the Tata tea-to-steel conglomerate, said its net profit for the three months to June rose to £329 million from £258 million a year earlier, using international accounting norms.The software giant added 24 new clients and 3,576 employees in the quarter."Though we continue to see steady demand for our services, the uncertain global macroeconomic demands that we remain agile for growth opportunities," said N. Chandrasekaran, chief executive of TCS.Earlier this week, rival Infosys showed 16 per cent rise in net profit, but its shares fell 4.27 per cent after it gave a muted outlook.Infosys said clients were cautious in an uncertain economic environment as it announced that consolidated net profit in the three months to June rose 15.7 per cent year-on-year TCS and other outsourcing companies have made India a top business destination by offering a range of jobs from software development and information technology to business process outsourcing.Revenues from India's outsourcing sector are forecast to grow 16-18 per cent in fiscal 2011-12, according to the National Association of Software and Services Companies.
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