TCS reports strong first-quarter results

Growth in North America and Asia cited as reason

TCS reported increased profits

Tata Consultancy Services (TCS), a leading Indian IT consultancy and outsourcing firm, has reported moderate growth for the first quarter 2010 owing to growth in North America and Asia.

The figures show a 5.1 per cent quarter-on-quarter growth of operating profits, at $487m (£317m).

Chief executive officer and managing director N Chandrasekaran said: “This has been a quarter of outperformance. Our balanced growth was driven by disciplined execution and strong demand across markets and industry sectors.”

S Mahalingam, chief financial officer and executive director, added: "All industry sectors made good contributions to the company’s growth. In terms of service lines, there was balanced growth across IT and other new service lines such as BPO, infrastructure services and assurance."

Last month, TCS announced that it ranked fifth overall, and topped the list for IT services, in Bloomberg Businessweek’s 12th annual Tech 100, a ranking of the world's best-performing tech companies.