TCS profits soar by 28% in first quarter results


TCS profits soar by 28% in first quarter results

Kathleen Hall

Profits at Indian outsourcing company Tata Consultancy Services (TCS) grew to $631m (£391m), up 28% from last year, according to the company's first quarter results, ended 30 June.

Growth across industries was led by the high-tech, retail and banking, financial services and insurance sectors. There was balanced growth across IT and other service lines led by infrastructure, assurance and global consulting services. All markets, including the US and Europe, grew alongside growth markets such as India and Asia Pacific, said the company.

Chief executive officer N Chandrasekaran said: "TCS continues to partner with many customers to help them successfully execute their transformation agendas as well as negotiate a challenging business environment.

"Though we continue to see steady demand flow for our services, the uncertain global macroeconomic environment demands that we adopt an entrepreneurial approach and remain agile to capture growth opportunities as they emerge."

Key wins at TCS include a large US insurance company, two large North American banks and a global pharmaceutical company.

According to the company's statement, TCS has so far applied for 411 patents, including 69 in the last quarter, and hired 11,988 people in its first quarter, taking its global employee headcount to 202,190.

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