TCS net profit rises 7 percent in FY09 Q1, warns of "difficult" times ahead
India's top software services and consulting firm, Tata Consultancy Services (TCS) has reported a 7 percent rise in net profit for the fiscal quarter ended June 30, 2008, in line with market expectations, even as it gave a grim warning of slowdown in outsourcing business prospects due to existing turmoil in the global financial market.
TCS, which gets at least 50 percent of its revenue from US clients in financial sector, said its net profit (consolidated) under the Indian accounting practice (Indian Generally Accepted Accounting Principles or GAAP) for Q1 of FY09 was Rs.1290.61 crore, up from Rs.1202.93 crore during the corresponding period a year earlier (a year on year or YoY growth of 7.28 percent).
Total revenues from operations (consolidated) for the same period was Rs.6410.70 crore in Q1 of FY09, up from Rs.5157.30 crore during the corresponding period a year earlier (a YoY rise of 24.30 percent).
Earnings per share or EPS was up 7.32 percent to Rs.13.19, from Rs.12.29 during the corresponding period a year earlier.
On a standalone basis, under the Indian accounting practice (Indian Generally Accepted Accounting Principles or GAAP), TCS posted net profit of Rs.1204.01 crore in Q1 of FY09, up from Rs.1073.85 crore in the corresponding period a year earlier (YoY growth of 12.12 percent).
Total revenues from operations (standalone) for Q1 of FY09 was Rs.5212 crore, up from Rs.4134.41 crore in the corresponding period a year earlier (YoY growth of 26.06 percent).
Geographically, revenues from the Americas, Europe and India grew by 23.23 percent, 25.13 percent and 40.52 percent respectively (YoY basis).
Earnings per share or EPS was up 12.12 percent to Rs.12.30, from Rs.10.97 during the corresponding period a year earlier.
During the quarter under review, the IT firm said it added 35 new clients whereas 8982 employees joined the company taking total strength of the workforce to 116,308.
Attrition rate stood at 12.8 percent overall, TCS said, adding, that it was 12.1 percent in the IT services business and 20.5 percent in the BPO segment.
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