TCS Beats Street Estimates, Posts 50% Growth in Net at Rs 5,333 cr - The New Indian Express

TCS Beats Street Estimates, Posts 50% Growth in Net at Rs 5,333 cr

Published: 17th January 2014 06:00 AM

Last Updated: 17th January 2014 01:59 AM

Tata Consultancy Services (TCS), India’s largest IT services company, beat the Street estimates on Thursday by registering a 50.3 per cent increase in net profit year on year and a 15.1 per cent increase on a quarterly basis at Rs 5,333 crore in the three months ended December 31, 2013.

Sales for the third quarter stood at Rs 21,294 crore, an increase of 32.5 per cent year on year and 1.5 per cent quarter on quarter. The volumes for Q3 were higher by 1.8 per cent while the operating margins were 29.8 per cent. The hiring target for the year was upped from 50,000 to 55,000 employees.

Commenting on the Q3 performance, Chief Executive Officer and Managing Director, N Chandrasekaran said: “Strong international demand for our services and discipline in execution has helped TCS maintain its momentum and post robust growth in volumes as well as realisation. Our diversified market presence and services portfolio have helped us overcome seasonal weakness and soft demand in the Indian market.”

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