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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World TCS profit surges 39 pct on volume growth By ERIKA KINETZ,AP Business Writer - Saturday, January 16 Send IM Story Print MUMBAI, India – Tata Consultancy Services Ltd., India's largest outsourcing company, said Friday that net profit surged 38.9 percent to $384 million on strong volume growth, as the rebound in financial services began to spread to long-suffering sectors such as telecommunications. Revenue for the quarter ending Dec. 31 was $1.64 billion, up 10.3 percent from the same quarter last year, under U.S. accounting standards. "It's not a one-off," Chief Executive Natarajan Chandrasekaran told reporters. "Growth has come across the board." Make that almost across the board. TCS recorded sequential revenue gains in all business categories _ including banking, retail and telecom _ except manufacturing, which saw revenues slide 3 percent to 5.9 billion rupees ($129.9 million) over the prior quarter. Better-than-expected results this week from both TCS and industry bellwether Infosys have fueled optimism that India's outsourcing industry _ hit hard by the global downturn _ has bounced back, and may soon see a surge of new business as cost-conscious companies limping out of recession send more work offshore. Forrester Research said in a report this week that global information technology spending, which dropped 8.9 percent last year, will rise 8.1 percent in 2010 to more than $1.6 trillion. Kotak Securities analyst Dipen Shah said market leaders like TCS could see revenue growth of up to 15 percent next fiscal year, still short of historical growth rates of about 25 percent annually. "A broad-based growth is also a positive with the large demand constituents of banking, financial services and insurance and USA growing well in the quarter," he said. TCS volumes grew 6.6 percent sequentially, double what Shah expected, and operating margins expanded 103 basis points sequentially, beating expectations despite ramped up hiring. Executives said the company added 32 new clients and a net of 7,692 employees in the quarter, including about 80 in Cincinnati, Ohio. Recommend Send IM Story Print Related Articles Health agencies call for more study on bisphenol-A AP - 2 hours 2 minutes ago Number of active US rigs up 28 AP - 2 hours 19 minutes ago US Airways raises online baggage fees AP - 2 hours 27 minutes ago SD Legislature's GOP majority pledges budget cuts AP - 2 hours 28 minutes ago Juniper confirms cyber attack after Google case Reuters - 2 hours 40 minutes ago News Search Top Stories JP Morgan reports big jump in profits to $3.27 bln JP Morgan posts $3.27 bln 4th quarter net profit IEA downgrades 2010 oil demand forecast Airbus A400M partners 'committed': Britain Aborigines to ask Prince William for slain warrior's head More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Scientists praise Obama as Doomsday clock reset Aborigines to ask Prince William for slain warrior's head Chicago businessman charged over Mumbai attacks Tensions rise as Haitians battle to survive Celebrities appeal for Haiti quake relief More Most Viewed » Beat the blues by going to bed early: study Huge tomb found at Egypt's Saqqara pyramid Woman who saved Anne Frank's diary dead at 100 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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