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IT outsourcing still booming – Profit at India’s TCS up 37% in the first three months of 2005
In the middle of all new gloom and doom about outsourcing, India’s TCS scored an A in the financial results for the first three months of 2005.
According to media reports, Tata Consultancy Services (TCS), India's biggest software services exporter, said its net profit rose 38 pct in the year ended March to 22.6 bln rupees as foreign companies outsourced more work to India.
Total income also rose 38 pct to 97.3 bln rupees, it said.
The company said net profit in the fourth quarter to March stood at 4.71 bln rupees, against dealers'' expectations of 6.79 bln.
The company announced its earnings according to US accounting standards.
TCS was partially spun off from its parent Tata Group in August last year in India's largest-ever private sector share sale. The company raised 1.2-bln USD by selling a 13 pct stake.
TCS closed down 110.45 rupees, or 8.37 pct, at 1,209.75 per share
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