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India software giant TCS profits up to 30%

India software giant TCS profits up to 30%


India’s largest software exporter Tata Consultancy Services on Monday said profits rise nearly 30 percent in the third quarter.

It’s net profit was 23.69 billion rupees ($526 million) for the three months to December, up 29.8 percent from 18.24 billion rupees a year earlier.

And Turnover for the quarter rise 29 percent to 98.57 billion rupees, a statement to the Mumbai stock exchange said.

Analysts expected TCS to show profits of about 22 billion rupees.

According to the company’s chief executive N. Chandrasekaran.”We have delivered another stellar quarter, capturing volumes. Demand continues to be strong,”

TCS does not offer a revenue outlook.TCS shares rise 1.74 percent or 19.45 rupees to 1,138.45 on the Mumbai stock exchange, prior to the earnings announcement.

Rival tech giant Infosys posted a disappointing 14.1 percent rise in consolidated net profit to 17.8 billion rupees, warning future growth could be hurt if recovery in developed markets weakens.

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