Tata Consultancy Services (TCS) overcame a tough business environment and beat street expectations by a huge margin to post a surprise.

India’s largest software exporter posted a 23% growth in net profit at Rs 1,520 crore, helped by lower costs and higher revenues from major markets, but said pricing will remain under pressure in the next one year. Revenues were up 12.4% to Rs 7,207 crore, as the US market showed signs of stability as did the troubled financial services sector.

The company has performed better than its closest rival Infosys Technologies with a business volume growth of 3.6% during the quarter, compared with a 1.1% volume decline announced by Infosys. Pricing pressure, however, continues and the company said there was a 25 basis points decline in pricing during the quarter.

TCS won eight large deals during the quarter with five of them coming from the US, two from Europe and one from Asia-Pacific. They are spread across different sectors — two being from customers in manufacturing and other six from retail, pharma, utilities among others. For the first time, the company has shown a decline in the number of net hires by 2119 people, although at gross level it hired 2,828 employees.

source: Economictimes

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