India's biggest outsourcing firm Tata Consultancy Services on July 17 reported a 45 percent jump in quarterly net profit from a year ago, led by strong growth in business from North America. The Mumbai-based company, commonly known as TCS, indicated its outlook was upbeat thanks to a "strong demand pipeline" and expectations of strong growth in markets like the United States, United Kingdom and Europe.
TCS said net profit for the first financial quarter, ended June 30, surged to 55.68 billion rupees ($928 million rupees) from 38.40 billion rupees a year ago. "Robust volumes and healthy growth across all industries and key markets helped TCS to start the new financial year on a strong note," TCS chief executive N. Chandrasekaran said in a statement.
The firm inked seven large deals in the April-June quarter and was negotiating eight more big ones, Chandrasekaran told reporters.
TCS's chief financial officer Rajesh Gopinathan said that a "disciplined stance in operations" helped the firm successfully face "multiple headwinds" from the rupee's rise and wage hikes.
"Looking ahead, we will continue to maintain our operating margins in our desired band by operating efficiently," Gopinathan said in a statement. The firm said it had hired 15,817 people in the just ended quarter takings its employee base to 305,431 persons.