IT services and consulting firm Tata Consultancy Services (TCS) has reported revenues of $2.41bn for the first quarter of 2011, up 33.8% from $1.8bn revenues in the same quarter previous year.
For the quarter ended 30 June 2011, the company has registered operating profits of $631m, up 29.6% from $487m in the same quarter in 2010.
The company witnessed an increase of 34.6% in profit after tax for Q1 2011 to $542.3m compared to $403m for the same quarter previous year.
The earnings per share has marginally increased from $0.21 in Q1 2010 to $0.27 in the same quarter this year.
TCS chief executive officer and managing director N Chandrasekaran said their customer focused organisation and balanced business model helped them drive growth across all their major customer segments and operating regions in Q1.
The broad based growth across industries was led by Hi-tech, retail and BFSI, while balanced growth across IT and other service lines was led by infrastructure, assurance and global consulting services.
"TCS continues to partner with many customers to help them successfully execute their transformation agendas as well as negotiate a challenging business environment," Chandrasekaran said.
The company has added 24 new clients in the quarter compared to 36 in the same quarter previous year. The number of clients in the category of $50m increased from 27 to 33 this quarter.
All markets including USA, Europe grew alongside growth markets like India and Asia Pacific, the company said.
TCS chief financial officer and executive director S Mahalingam said by focusing and optimising operations to support their growth, they have been able to limit the erosion in operating margins by using various levers like utilisation and productivity
"We remain watchful but do not expect the current macro issues to impede business decision making in those markets," he added.
