Large outsourcing contracts boost TCS profit

Mumbai: Tata Consultancy Services Ltd, the country''s biggest software exporter, saw its January-March profit rise 47.4 per cent from a year ago, helped by a slew of large outsourcing contracts.

Revenues rose 38.2 per cent to $1.2 billion (€920 million) during the quarter, taking annual revenues to $4.3 billion (€3.3 billion). Net profit rose to $270 million (€207 million) in the January-March period compared with $183 million in the same quarter a year ago, TCS said in a statement.

TCS won 12 outsourcing contracts valued at more than $50 million (€38 million) each during the financial year that ended March.

The company is pursuing at least 10 deals valued at more than $50 million each, chief financial officer S Mahalingam said.

"The significant number of large wins ... that will ramp up during the next fiscal year makes us confident of continuing sustained, profitable growth," chief executive S Ramadorai said in the statement.

The earnings numbers, which conform to US accounting standards, were largely in line with expectations. The company didn''t give any guidance for future revenues and profits.