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TCS profit jumps 49.6% in third quarter, beats estimates | The Indian Express

Related. Delivering a strong performance that beat market estimates, Tata Consultancy Services (TCS), India’s largest IT services exporter, has posted a 49.6 per cent jump in consolidated net profit to Rs 5,314 crore for the quarter ended December 2013 from Rs 3,551 crore in the same period of last year. The profit surge was boosted by rising demand for outsourcing services in the US and Europe, it said. The company has forecast a better show in 2014. “Based on initial discussions with our customers we believe 2014 will be a stronger year for us than 2013, as customers execute their business plans in a relatively stable environment,” TCS CEO and managing director N Chandrasekaran said. The tech giant’s revenue spurted by 32.5 per cent to Rs 21,294 crore for the third quarter from Rs 16,069 crore in the same period of last year. While net profit rose by 13 per cent on a quarter-on-quarter basis, revenue was up by 1.5 per cent from the September quarter. “Strong international demand for our services and discipline in execution has helped TCS maintain its momentum and post robust growth in volumes as well as realisation. Our diversified market presence and services portfolio have helped us overcome seasonal weakness and soft demand in the Indian market,” Chandrasekaran said. The jump in the profit is the fastest in at least two-and-half years. However, TCS shares remained subdued with a 0.12 per cent loss at Rs 2,351.35 on the BSE on Thursday. Infosys had last week reported a 21.6 per cent rise in net profit for the quarter. Growth in the third quarter was driven by industries like life science & healthcare, manufacturing, media, travel & hospitality and telecom. The company’s broad based presence across markets and services helped overcome seasonal weakness in some markets.
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