TCS Q3 net up 30 p.c to Rs.2,370 cr

MUMBAI, INDIA: Indian IT giant Tata Consultancy Services, today announced its consolidated financial results according to Indian GAAP for the quarter ended December 31, 2010.

The company reported a net profit of Rs.2,370 crore for quarter, which was up by 9.3 p.c Q-o-Q and 30 p.c. Y-o-Y, said a press release.

It posted a revenue of Rs.9663 crore which was up by 4.1 p.c Q-o-Q and 26.3 p.c Y-o-Y.

The operating margin was high at 28 p.c, while the EPS was recorded to Rs.12.08 in Q3.

The attrition rate was marked as high as 14.4 p.c in last twelve months including BPO sector. The highest gross addition was reported at 20, 219 and the net addition at 12, 497, the release added.

N. Chandrasekharan, TCS CEO and MD, said, “ Sharp focus on our strategy with execution discipline has helped us capture volume, defend our margins and deliver another stellar quarter. Demand environment continues to be strong and we are focused on helping our customers become more efficient and plan for growth.”

He added that with clients' focus on transforming business and becoming globally competitive in this dynamic macro environment, they are optimistic that demand of their solutions will continue to be strong.

S.Mahalingam, CFO, TCS, said, “As we grow in size we will have more levers to combat headwinds and maintain our profitability. We continue to live with currency volatility and have leveraged our cost management ability to deliver on margins.”

During the reporting the company has added 35 new clients to its list.

The growth was led by developed markets like US, Europe with strong contribution from APAC, Middle East and Africa, the release said.