Journalism of Courage
The tech world will heave a sigh of relief and raise expectations of better performances from other IT majors too.
Tata Consultancy Services Ltd (TCS),India’s top software services exporter,reported a 47-percent rise in quarterly profit,beating estimates,on a surge in demand for outsourcing services and stable fees.
The company,part of the Tata Group that spans the commodities,autos and services businesses,said on Monday net profit in the March quarter rose to 19.3 billion rupees ($432 million) from 13.1 billion rupees a year ago under U.S. accounting rules.
A Reuters poll had forecast a net profit of 18.09 billion rupees for the firm which counts Citigroup,General Electric,General Motors,Lloyds TSB,Ferrari and American International Group (AIG) among its clients.
India’s No. 2 software exporter Infosys Technologies’ stronger-than-expected annual sales forecast last week suggested a gradual recovery for India’s $60-billion software services sector,though a stronger rupee and higher pay could check profit growth. ($1=44.7 rupees)
