Mumbai: India's largest software company Tata Consultancy Services (TCS) on Thursday reported a 24.3 per cent rise in net profit for the quarter ended June 30 at Rs 1,906 crore, beating analyst expectations.
The company's revenues also grew to Rs 8,217 crore, an increase of 14 per cent from the year-ago period, it said in a regulatory statement.
During the quarter, the company saw growth across service lines including IT, BPO, infrastructure services and assurance. North America and Asia were among the primary drivers of growth.
"Our ability to execute in an optimal fashion through continuing off-shore shift and disciplined pricing have mitigated the impact caused by wage and currency headwinds and helped us post a strong margin performance," said S Mahalingam, Chief Financial Officer.
Among the major deals bagged during the quarter by TCS include a contract worth Rs.250 crore to implement a programme for a state-run utility, while another contract worth $ 100 million was bagged to provide IT solutions to a large media firm.
TCS said it had decided to revise its hiring plans following the healthy results and positive outlook.
"We have decided to increase the hiring target for the financial year 2011 to 40,000, an increase of 10,000 from the previous estimate given the strong deal momentum and continuing ramp ups," said Ajoy Mukherjee, vice president, head of global human resources.
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