Better prices, better realisations, more offshoring
and robust other income of Rs141 crore (consolidated,
under Indian Generally Accepted Accounting Principles
- GAAP), largely from foreign exchange hedging gains,
has led to Tata Consultancy Services Ltd (TCS) reporting
increased revenues and profits for the third quarter
ended December 31, 2004.
board of directors of TCS will be meeting next week
to consider a second interim dividend for the year,
as the company had already announced an interim dividend
in October last year, said S Mahalingam, chief financial
officer, TCS, at a news conference here on Thursday.
company has reported a net profit of Rs 643 crore for
the third quarter ending December 31, 2004, while income
from operations amounted to Rs2,096 crore, with other
income at Rs123 crore. On a consolidated basis, net
profit for the quarter amounted to Rs 718 crore, with
total income at Rs2,691 crore.
year-on-year growth in these figures could not be provided,
since the results for the corresponding period of the
previous fiscal under Indian GAAP could not be made
available, TCS having been a division of Tata Sons during
that time, said S Mahalingam.
to the comparative figures available under US GAAP,
the company has reported a 54 per cent growth in net
income after tax at Rs709 crore, up from Rs460 crore
reported for the corresponding quarter of the previous
year. Revenues were up 38.2 per
cent at Rs2,578 crore from Rs1,866 crore. The company
expects to cross the $2-billion mark in the current
fiscal, said Mahalingam.