India’s largest exporter of software and services Tata Consultancy Services, has got off to a good start with its first set of financial numbers since becoming a public company, announcing a 52% jump in profit after tax.
Mumbai-based TCS reported a profit after tax but before exceptional items of INR 57.6 billion ($115 million) for the three months ended September 30, 2004, up 52% on 2003, on revenue that grew 44% to INR 243.1 billion ($486.2 million).
Net profit for the period was INR 34.2 million ($68.4 million), however the company did not give comparable figures for 2003. General Electric, one of TCS’ largest customers, accounted for 15.9% of the overall revenue during the quarter.
During the quarter, TCS said that it signed 52 clients, of which three were for remote infrastructure management, and six were for business process outsourcing, which it said has now been ‘fully integrated’ into TCS’ offering. TCS said that its global delivery centers in Uruguay, Brazil, Hungary and China now serve a total of 35 clients with each providing services to at least five clients.TCS also showed a net addition of 3,974 employees during the quarter, bringing total headcount to 40,948.
The financial results are the first to be issued by TCS since making its initial public offering (IPO) in early August. The IPO was worth up to $1.2 billion, giving TCS a market cap of up to $9.3 billion.