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News >> Technology >>
TCS Q2 net up 20.5%
By agencies
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Tuesday, 11 October 2005, 19:30 IST
MUMBAI: Tata Consultancy Services Ltd., India's largest software services company, today reported a 20.5 percent rise in its quarterly results which was better than its previous results, backed mainly by the rising outsourcing of IT services by overseas clients.
TCS, which went public last year, said its July-September net profit rose to $157 million. Revenue rose 23 percent to $677 million.
TCS, part of Indias second largest and oldest conglomerate Tata group, earns about 40 percent of its revenue from banking and financial services, 20 percent from manufacturers and 16 percent from telecoms clients.
TCS has been getting multi-year, multi-million-dollar deals; in a sign the Indian industry is maturing. It announced a $100 million order from a financial services client in July and another worth $245 million from ABN Amro in September.