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TCS' Q3 net profit up 2.67 percent
By siliconindia
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Friday, 16 January 2009, 16:00 IST |
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Mumbai: Tata Consultancy Services (TCS), the country's largest IT services exporter, has registered a 2.67 percent increase in its net profit in the third quarter of this fiscal. The company reported a net profit of Rs 1,362 crore for the third quarter ended December 31, 2008, against Rs 1,326.67 crore in the same period last year. TCS' revenue grew by 24.13 per cent to Rs 7,277 crore for the reporting quarter year-on-year.
"The global economic scenario has deteriorated further. The company's performance has been good on a sequential basis. Pricing has been stable in the quarter," TCS Managing Director and CEO S Ramadorai said.
"While retail, life sciences, media and entertainment verticals drive growth, banking and financial services vertical and manufacturing continue to witness slow growth," TCS Chief Operating Officer N Chandrasekaran said. "We closed six large deals in the quarter. One deal size was USD 250 million and another deal size was USD 100 million. Our deal pipeline is healthy," he said.
The company bagged the $250 million and $100 million deals in North America in the retail and utilities vertical. The board also declared an interim dividend of Rs 3, at the rate of 300 percent, on shares of face value of Rs 1 each.
The company registered a foreign exchange loss of Rs 250 crore for the quarter, Tata Consultancy Services CFO S Mahalingam said, adding that of the total forex loss, Rs 45 crore is mark to market losses. The company said it is not in talks with any of Satyam's clients. "But Satyam's clients are in touch with them," he said.
In this quarter, TCS completed the acquisition of Citigroup BPO for $512 million. The company added 41 new clients and 11,773 more staff in this quarter.
