TCS Q1 net up 33%

MUMBAI: Tata Consultancy Services (TCS) reported a net profit of Rs 630.62 crore for the first quarter ended June 30, 2005, with a growth of 33.02 per cent year-on-year.

The company's revenue stood at Rs 2721.02 crore for the first quarter, with a growth of 24.56 per cent compared to the same period last fiscal year.

On the sequential basis, profits of the company have grown by 33.66 per cent and revenues by 6.25 per cent.

During the quarter, the company added 68 new clients and announced a strategic partnership with government of China.

"TCS continues to drive along its high growth path and there has been great traction for our IT, BPO and Engineering services across geographies and industry verticals,” said S Ramadorai, Chairman and MD of TCS. "We are scaling up our global execution capability to implement our growth strategies and create value for customers," he added.

The company said that a leading global US-based financial services firm selected TCS as its strategic IT provider on a contract worth US $100 million during the quarter. There was a net addition of 2690 employees during the quarter.

The company plans to add 13,500 associates in the current fiscal year in India and 2,000 associates in overseas geographies.