Indian IT major Tata Consultancy Services has registered a 23 per cent rise in its net profit at Rs 1,252 crores for the quarter ended September 30 as against the net profit of Rs 1,019 crores for the corresponding period last year. The revenues of the company increased by 25 per cent at Rs 5,640 crores as against Rs 4,495 crores earned in the second quarter of the last financial year. The board of directors has recommended a quarterly dividend of Rs 3 per share.
Addressing the media in Mumbai on Monday, TCS CFO Mr S. Mahalingam said, "In Q2 of the current fiscal year, we have absorbed the impact of the rupee appreciation and improved our profitability too. At the end of Q2, we had about $2.6 billion outstanding in hedges. We remain confident that our hedging programme will help us expand the margins during the rest of this year. I foresee the value of the dollar to settle at around Rs 39.25 by the end of 2007."
TCS MD and CEO S. Ramadorai said, "The earning per share of our company for the Q2 of the present financial year was Rs 12.79. We added 51 new clients in Q2 and in dollar terms, our revenues rose by 11 per cent backed by strong growth in banking and financial services sector, and telecom and manufacturing companies. These sectors grew faster than the average company growth rate.
Travel and hospitality also emerged as one of the fastest growing verticals for us contributing around 4.4 per cent of our total revenues earned in the quarter. During the quarter, over 50 per cent of our revenues came from new services.
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