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TCS beats forecast with Rs 2623 cr Q4 profit

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CIOL Bureau
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MUMBAI, INDIA: Indian software services giant Tata Consultancy Services (TCS), posted a net profit of Rs 2623 crore under India GAAP for the quarter ended March 31, 2011. This is up 31.1 per cent compared to the year-ago quarter. Compared to the previous quarter, the profit is up 10.7 per cent said TCS.

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For the financial year 2010-11 the net profit was Rs 9068 crore, up 29.5 per cent compared to the previous year.

Under US GAAP, TCS Q4 net profit was up 23 per cent at Rs. 2402 crore. For the year ended March 31, the profit was Rs 9068.04 crore, as against Rs 7000.64 in the previous year.

Also Read: TCS to hike wages by 12-14 pc for India staff

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For the reporting quarter TCS revenue stood at Rs 10, 157 crore, up 31.3 per cent YoY and up 5.1 per cent QoQ. For the financial year the revenue was Rs. 37,325 crore, up 24.3 per cent compared to the previous year.

Shares in TCS, valued at about $54 billion, have risen more than 4.6 percent this year, outpacing a 9-per cent fall in the sector index and a near 5 percent drop in the broader market.

“Commenting on the result, TCS CEO and MD N. Chandrasekharan said that excellent execution and a constant focus on the customer has helped TCS round off a sterling performance in FY 11.

Immediately after posting the a forecast-beating quarterly net profit, TCS shares fell almost 3 per cent, later to recover. At 2.57 pm IST the shares were at Rs. 1,198.50, down Rs. 20.30 (-1.67 per cent).

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