TCS Reports Q3 Revenues at $1,483 Million
India’s leading outsourcing and tech firm Tata Consultancy Services (TCS)
has reported its consolidated financial results according to US GAAP
for the quarter ended December 31, 2008. Net income is $276 million
with 18% year-on-year growth.
While
revenues at $1,483 million are flat Y-o-Y, it has witnessed 5.8% Q-o-Q
growth. Net income grew 3.5% Q-o-Q. While it added 41 new clients in
Q3, 11,773 employees joined the company during this period.
The
company has announced quarterly dividend of Rs 3 per share.
"In
tough market conditions, TCS continues to perform in a stellar
fashion, driving revenue growth through our diversified market
presence and boosting our operational profitability by conserving
costs and creating efficiencies," says CEO S. Ramadorai.
The
company says that North America appears to be stabilizing with it, as
it bagged two new customers during the quarter.
It
observes that the Indian market continued to see low capital spend by
both public and private sector clients. It expects government spending
to revive demand.
Consumer spending led sectors like Retail and Media & Entertainment
showed resilience in the October-December quarter for TCS.
It
has completed the
acquisition of Citigroup's interest in Citigroup
Global Services Limited (CGSL), an India-based captive
business processing outsourcing (BPO) unit. The acquisition was for
all cash consideration of $512 million.
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