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TCS Quarterly Net Profit Rises Six Percent
Tuesday, 18 October 2011, 22:18 IST |
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New Delhi: India's largest software company Tata Consultancy Services (TCS) posted a 6 percent increase in net profit at 
2,301 crore for the quarter ended September as against the like period of the previous financial year.
The revenue of the company stood at 11,633 crore during the quarter under review, an increase of 25.3 percent as compared to the like period of the last fiscal, the company said in a statement.
"Our domain-rich solutions and disciplined execution helped us capture business demand across major markets and deliver stellar growth in international revenues. We see strong momentum for our full services strategy from customers who are looking for agility and growth," said N. Chandrasekaran, chief executive officer and managing director.
According to S. Mahalingam, chief financial officer and executive director, the company continues to make necessary investments to support future business growth in different markets as it remains in expansion mode.
"However, we are also working to optimize our cost structure and keeping a close watch on economic signals," he added.
The company also said that during the quarter the attrition decreased sharply for the company, dropping to 13.7 percent from 14.8 percent in the first quarter. Attrition in the IT services business was 12.51 percent, while BPO attrition was at 24.25 percent.
"We are on course to meet our hiring target for the current financial year. Our employee engagement efforts are helping to curtail attrition and increase retention of talent in the company," said Ajoy Mukherjee, executive vice president and global head, human resources.
"We remain the industry benchmark as far as utilization is concerned and have maintained our rate in the 83 percent range," he added.
The company also proposed an interim dividend of 3 per equity share.
At the Bombay Stock Exchange the shares of the company closed 1.30 percent lower at 1,119.80.
Source: IANS
2,301 crore for the quarter ended September as against the like period of the previous financial year.
The revenue of the company stood at 11,633 crore during the quarter under review, an increase of 25.3 percent as compared to the like period of the last fiscal, the company said in a statement.
"Our domain-rich solutions and disciplined execution helped us capture business demand across major markets and deliver stellar growth in international revenues. We see strong momentum for our full services strategy from customers who are looking for agility and growth," said N. Chandrasekaran, chief executive officer and managing director.
According to S. Mahalingam, chief financial officer and executive director, the company continues to make necessary investments to support future business growth in different markets as it remains in expansion mode.
"However, we are also working to optimize our cost structure and keeping a close watch on economic signals," he added.
The company also said that during the quarter the attrition decreased sharply for the company, dropping to 13.7 percent from 14.8 percent in the first quarter. Attrition in the IT services business was 12.51 percent, while BPO attrition was at 24.25 percent.
"We are on course to meet our hiring target for the current financial year. Our employee engagement efforts are helping to curtail attrition and increase retention of talent in the company," said Ajoy Mukherjee, executive vice president and global head, human resources.
"We remain the industry benchmark as far as utilization is concerned and have maintained our rate in the 83 percent range," he added.
The company also proposed an interim dividend of 3 per equity share.
At the Bombay Stock Exchange the shares of the company closed 1.30 percent lower at 1,119.80.
Source: IANS