Mumbai: Third quarter figures from India's biggest IT services group, Tata Consultancy Services, were greeted with cautious optimism this week.
Consolidated IFRS (International Financial Reporting Standards) financial results for the quarter ended December 31, 2011 show net profits up 9% at $568 million on revenues up 20% at $2.59 billion.
The group added nearly 12,000 staff and 40 new clients in the period.
TCS CEO & MD, N Chandrasekaran, said, "Our customer-centric approach in the market and execution rigor on the ground enabled TCS to post a strong financial performance in this quarter. Growth has been broad-based with all markets and all industries contributing substantially."
He added, "While technology budgets are still being set for next fiscal, there is little doubt that technology is a key resource to help global businesses optimize their operations and fuel growth in the current economic climate. In this environment, TCS is partnering with clients to achieve their objectives using its integrated portfolio of solutions."
S Mahalingam, Chief Financial Officer, said, "We continue to focus on managing our operations optimally in the face of increased external volatility. We have increased our operating margins significantly by taking the benefits of growth, exchange movements and by keeping a strong focus on cost management.
"The level of currency and market volatility has only risen in the past three months and we are adapting our strategies accordingly."
Growth in Q3 came across markets. Among mature markets, Europe led the growth story, followed by the US. In the growth markets, Latin America showed significant momentum followed by India and Asia-Pacific.
In terms of services, TCS said lines like Enterprise Solutions, Assurance and Infrastructure Services, and Global Consulting, all grew at a significant rate.