TCS maintains double-digit growth

Ramadorai: "A stellar performance"

Tata Consultancy Services (TCS) has managed to maintain double-digit growth in first quarter revenue and profit – ahead of some of its key Indian rivals.

The IT services provider reported revenue up 12 per cent to 72bn rupees (£907m), with net income up 19 per cent to 15.3bn rupees (£193m), compared to the same period last year.

The supplier said it signed up 26 new clients in the quarter, as a “semblance of stability” returned to its key banking, financial services and insurance markets.

“In a volatile and uncompromising environment, TCS has demonstrated its industry leadership by seizing opportunities for growth through operational excellence resulting in a stellar performance for the quarter,” said chief executive S Ramadorai.

“While we remain vigilant about the environment, TCS is leveraging its global presence and the investments made in developed and emerging markets to deliver our proposition of certainty, which resonates clearly with customers in these challenging times.”

Last month, rival Infosys saw first quarter net income rise by 1.6 per cent year on year to $313m (£192m) for the period, with revenue dropping 2.9 per cent to $1.1bn.