TCS Q3 net profit up 34 pc at Rs 1,823.90 crore

However, TCS’ profit in December 2009 quarter was aided by other income of Rs 65.51 crore as against a negative other income (or loss) of Rs 172 crore in the December 2008 quarter. Adjusted for the net gain of Rs 237 crore on account of other income, TCS’ net profit is 17 per cent higher in December 2009 quarter against same quarter last year.

During the quarter under review, TCS revenues of Rs 7,648.53 crore versus Rs 7,277.04 crore in third quarter of 2009, showing a growth of 5.1 per cent on year-on-year basis and up 2.9 per cent sequentially.

On a standalone-basis TCS posted revenues of Rs 5,923.75 crore for quarter ended December 31, 2009 as compared with Rs 5732.21 crore for quarter ended December 31, 2008, while its net profit after taxes for the quarter under review stood at Rs 1,554.20 crore versus Rs 1,211.89 crore in third quarter of 2009. Briefing reporters, TCS CEO & Managing Director N.Chandrasekaran said: “Our investments ahead-of-time in emerging markets, multiple industries and client relationships is reflected in our exemplary performance.” He added: “this validates the strength of our business model and highlights our differentiated strategy.” 

On volume growth he said the pipeline “looks good.”  He said while US continues to lead demand recovery, UK& European firms are increasingly beginning to invest for the upturn.  
APAC and India seeing strong demand driven by growth in sectors like Energy, Utilities and BFSI.  Demand recovery, he continued, which started in the BFSI segment has now become more broad-based with Telecom and Technology also posting healthy growth.  
Strong client additions supported above-average growth in the energy and utilities space.  So much so, there were significant revenue rise “Top 3, Top 5 and Top 10 clients.”
 During Q3, there was a gross addition of 12,854 employees (net addition of 7,692) and the utilization rate improved to 81.1 per cent(excluding trainees), while attrition rate was maintained at 11.5 per cent. 

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