TCS posted a 44 percent rise in quarterly profit, beating expectations, as more overseas clients turned to its outsourcing services to cut costs.
MUMBAI: Tata Consultancy Services (TCS), India's largest software services exporter, posted a 44 percent rise in quarterly profit, beating expectations, as more overseas clients turned to its outsourcing services to cut costs. The company also announded dividend of Rs 3 per share.
Profit for the three months ended September rose to Rs 35.12 billion ($643 million) from Rs 24.39 billion a year earlier, TCS said. Analysts had forecast a net profit of Rs 33.34 billion, according to Thomson Reuters estimates. Second-quarter revenue of TCS stood at $2.85 billion, a 13% increase Year-over-Year and 4.6% rise over the preceding quarter.
TCS posted Q2 operating income of $736 million, which grew 11.5% over last year and 1.7% over the last quarter.
The company also announced that Rajesh Gopinathan, who has been with the company since 2001, has been appointed as chief financial officer (CFO) and will take over from S Mahalingam, who retires in February 2013. The IIM Ahmedabad alumni will take up the role of deputy CFO from today.
TCS CEO N Chandrasekaran said, "We've said we will be delivering volumes in excess of the Nasscom estimates, and we're well on our way."
Commenting on pricing, he said, "Pricing is by and large stable. Emerging markets have different price points/cost points - there's an impact of that."
Ajoy Mukherjee, HR head of TCS, revealed that it has recruited 18,654 employees in this quarter in India, in line with the company's hiring plans.
About the company's visa woes, Chandrasekaran said, "Visa rejection rates continue to be high. We only have to plan in detail. We've taken various steps: H visas, local hiring etc."
TCS added 41 new clients to its portfolio this quarter and currently has a total of 1041 clients and signed nine large deals during the period.
During Q2 2012, TCS added 18,654 to its workforce and ended the period with a total headcount of 2,54,076, a rise of 4% over the preceding quarter.
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