TCS net up 76%, offers 1:1 bonus

By agencies   |   Tuesday, 18 April 2006, 07:00 Hrs
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MUMBAI: IndiaÂ’s largest IT services company, Tata Consultancy Services (TCS) has posted 76.38 percent growth in net profit at $189.09 million for the quarter ended March 31, 2006, against the corresponding previous quarterÂ’s $107.04 million.

Total income during the period went up by 43.85 percent to $842 million from $585 million in the same period last year.

The company's consolidated results according to the U.S. GAAP showed that its net profit went up by 50 percent to $674 million in 2005-06 after posting a 36 percent rise in total income $2.8 billion. The income growth of 36 per cent was more than the industry average.

Buoyed by the good show, the company announced its maiden 1:1 bonus ratio, which means shareholders will get one bonus share for every equity share they hold.

S. Ramadorai, CEO and Managing Director, said, “An outstanding performance in the fourth quarter has rounded off a defining year for the company, marked by large deals, strategic acquisitions, expansion in size and its transformation into a global corporation."

He added that the company was poised for "valuable growth opportunities" and it had the "right structure and leadership globally to take advantage of the tremendous opportunity."

TCS plans to add 30,500 people in this financial year. It made 9,200 offers for new recruits in various campuses. Its active customers at the end of the fourth quarter stood at 748, of which 89 were added in the quarter.

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