TCS Q2 net zooms 52%

By siliconindia staff writer   |   Wednesday, 13 October 2004, 19:30 IST
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MUMBAI: India's top software services provider, TCS, said its second-quarter profit rose 52 per cent, beating market estimates, as companies worldwide increased outsourcing. It was TCS's first earnings report since the company, General Electric's largest offshore IT services supplier, raised $1.2 billion in August in India's largest-ever initial public offering. TCS said on Wednesday its July-September profit rose to Rs 576 crore, excluding a Rs 187-croe one-time charge for employee compensation. Revenue rose to 44 per cent to Rs 2,430 crore. A Reuters poll of 15 analysts had forecast the firm would post a profit of Rs 530 crore on revenue of Rs 2,298 crore, according to US accounting standards. TCS's shares have gained 28 per cent since listing on August 25.