Tata Consultancy Services (TCS) has reported a 10% fall in net profits for the year despite a record turnover.
Net profits fell by 10.1% to £1.12bn despite a 23% jump in year on year revenues to $6bn.
"In an unpredictable operating environment, TCS delivered healthy topline growth of 23% and crossed the $6 billion milestone in revenues, " said. S Ramadorai, TCS CEO and managing director.
"By focusing on operational efficiencies, collecting cash more efficiently and driving an enterprise-wide cost control programme, we have improved our profit margins and continue to generate significant cash-flows."
The company said its UK business experienced good growth despite weaknesses in the telecoms sector, with a number of full-services deals in the retail sector.