India outsourcer TCS posts $748M quarterly profitBy KAY JOHNSON , Associated Press
Oct. 15, 2013 9:20 AM ET
MUMBAI, India (AP) — Top Indian outsourcer Tata Consultancy Services' quarterly profit surged 16.4 percent to $748 million on strong demand across its main markets and several new clients, the company said Tuesday.
CEO Natarajan Chandrasekaran said robust demand in the U.S., Europe and Asia fueled the strong year-on-year growth in the July-September quarter. TCS also added three new clients with business worth $100 million.
"It has been another great quarter. We have demonstrated all-round strong growth across markets and industries," Chandrasekaran said.
Shares in TCS were up 0.12 percent to 2,215.40 rupees in trading Tuesday on the Bombay Stock Exchange.
The weakened rupee boosted profit in rupee terms since TCS gets most of its revenue in foreign currency but pays most of its 250,000 employees in the Indian currency.
The rupee plunged to an all-time low late in the summer before recovering somewhat in the last month.
Tata Consultancy is among the largest companies of India's $108 billion outsourcing industry that was hit with a slowdown in demand dragged down by the global economic downturn. However, the company reported earlier this year that clients in Europe and the U.S. had started placing more orders.