Tata Consultancy Services (TCS), one of Asia’s top software companies, registered a 23% rise in profits to INR28.87bn ($566m) for the quarter ending December, compared to a figure of INR23.46bn ($460m) for the same period a year ago.
On the other hand, Indian company’s revenues for the quarter rose 36.63% to INR132.03bn ($2.58bn), up from INR96.63bn ($1.89bn) in the same period a year ago.
However, like other IT firms in the region, it sounded a cautious note on prospects for spending in IT in the next financial year, as economic problems continue to plague Europe and the United States.
Even Infosys, India’s second largest software services exporter, which reported a 33% junp in its third-quarter profit last week, had cut its forecast for next fiscal year’s year revenue growth.
TCS CEO N. Chandrasekaran said all the macro concerns remain for Europe but based on the data points we have, we don’t see any reason why growth will slow down from current levels.
But Chandrasekaran added, "Early indications are that in some cases budgets have increased, while in other cases they are flat."
The company said it had added 40 new clients and expanded its workforce by adding 11,981 personnel in the recent quarter.
