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Indian-IT-Firms-Post-Better--Results-Amidst-Crisis
Shoukath Koduvally
Sunday, February 1, 2009
Indian IT industry seems to be insulating itself from the global economic downturn, as seen from the fact that top Indian IT companies have managed to maintain their growth prospects by posting healthy net profits in the third quarter of the fiscal 2008-09. Though the recession has struck the U.S. economy, the largest market for Indian IT products and services, worse than other nations, the Indian IT majors such as Tata Consultancy Services (TCS), Infosys, and Wipro have demonstrated their business acumen remarkably well.

TCS, India's largest IT exporter, has recorded 2.67 percent increase in its net profit in the quarter. The company’s net profit stood at Rs.1, 362 crore as against Rs.1, 326.67 in the same quarter the previous year. The company has reported a revenue of Rs.7, 277 crore, a year-on-year increase of 24.13 percent.

Beyond all the expert forecasts, Infosys, the second largets IT firm in the country, has increased its net profit to Rs. 1,641 crore from Rs 1,432 in the previous quarter, an increase by 14.5 percent. Infosys’ Q3 income stood at Rs. 5,786 crore as against Rs 5,418 crore for Q2.

Similarly Wipro, the third largest IT company in the country, has reported a net profit of Rs.1,004 crore in the third quarter of the 2008-09 fiscal as against Rs. 8,540 crore in the same quarter of the last fiscal year, posting 18 percent year-on-year (YoY) growth. Wipro's consolidated revenue grew by 25 percent YoY to Rs.6,618 crore from Rs.5,303 crore.
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