TCS earnings rise 33%

By agencies   |   Wednesday, 19 July 2006, 07:00 Hrs
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MUMBAI: IndiaÂ’s largest software services exporter Tata Consultancy Services Ltd has announced a 33 percent jump in its net income in the April-June quarter.

Mumbai based Tata Consultancy Services yesterday said its revenues in April-June was $900 million that rose 42 percent from the same period a year ago. Net income was about $187 million that was 33 percent more than the last time. During this quarter the company bagged some large outsourcing contracts from North America and Europe, its biggest market.
The company in its statement said a large American retailer chose TCS to develop software applications in a deal worth over $50 million, while a leading European telecommunication company asked it to carry out tests on new networks. However TCS did not name both the companies.

"Our global network delivery model has been validated by customers," said TCS Chief Executive S. Ramadorai. "Q1 has been marked by strong growth in volumes coupled with increasing traction for our new growth engines like BPO and consulting."

TCS also announced it added 62 new clients and hired over 7000 employees during the April-June period, the first quarter of its current fiscal year.

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