Indian outsourcing services provider Tata Consultancy Services (TCS) has confirmed the resilience of Indian service providers with double-digit growth in profit and revenue.
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It also recruited almost 13,000 workers.
TCS reported a third quarter profit of $384m on revenue of $1.64bn for its third financial quarter 2009. This represented 38.9% and 10.3% increases on the previous year respectively.
Indian IT suppliers are facing the toughest slowdown in business in their decade-long history. Infosys this week said its full financial year ending 31 March will deliver double-digit growth, with revenue expected to grow between 10.6% and 11.5% compared with the previous year.
Like Infosys, TCS said the US is leading the recovery, with Europe following. "While the US continues to lead demand recovery, UK and European firms are increasingly beginning to invest for the upturn."
In June, TCS's head of global communications, Pradipta Bagchi, said the company is not recoiling into its shell amid recession. Rather, it is targeting growth in previously untapped areas.
He said to counter the downturn the company is selling its services as packages to appeal to cash-strapped customers. "Customers are looking for integrated solutions such as IT, infrastructure, BPO and testing services from one supplier," he told Computer Weekly at the time.
Bagchi said the company has a great opportunity to grow in other parts of the world, such as Brazil, Russia, India and China, known as the BRIC countries, while Western Europe and the US stagnate due to the recession.