TCS quarterly net profit up 1.5 per cent

MUMBAI, INDIA: Tata Consultancy Services Ltd (TCS) one of the top software services exporters in India, today posted a profit of Rs 1,271 crore under Indian accounting standards for the quarter ended September 30, 2008, which shows a Year-on-Year rise of 1.5 per cent.

As per US accounting rules the profit comes to the tune of Rs 1,262 crore ($256 million), which shows 1.2 per cent rise compared to Rs 1,247 crore profit for the same period last year.

The software exporter said the company’s net revenue for the quarter stood at Rs 6,953 crore, up 25.3 per cent Y-o-Y and up 8.5 per cent Q-o-Q. Each share would get a quarterly dividend of Rs 3, announced TCS.

As per a press release from TCS, the company had added 51 new clients during the quarter while 9,682 new employees joined the organization.

The company’s attrition rate stood at 13.2 per cent LTM and EPS at Rs 12.99 in Q2.

Our growth has been balanced across markets and verticals with a 9.5 per cent sequential growth in our international business during Q2 and we have improved margins significantly,” said TCS CEO and MD, S.Ramadorai.

He said that new opportunities are emerging and there are signs that the services of TCS will play a significant part in the global economic recovery.

According to S.Mahalingam, CFO, “In a quarter where the Indian rupee and global currency has been very volatile, TCS has managed to deliver greater profitability by achieving significant improvement in operating profits and margins."