TCS' net rises 49.2% to Rs 3,434 cr

Tata Consultancy Services on Friday reported a 49.2 per cent jump in consolidated net profit at Rs 3,434 crore (Rs 34.34 billion) for the quarter ended September 30, 2012.

The company had posted a net profit of Rs 2,301 crore (Rs 23.01 billion) in the same quarter of the previous fiscal (2011-12).

Revenues rose 34.3 per cent to Rs 15,621 crore (Rs 156.21 billion) in the second quarter of 2012-13 compared to Rs 11,633.49 crore (Rs 116.33 billion) in the year-ago period, TCS said in a statement.

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"We have delivered a strong performance with well-rounded growth across industries and geographies.

"Our execution excellence is winning recognition and our service offerings remain relevant for customers," TCS chief executive officer and managing director N Chandrasekaran said.

Chief financial officer S Mahalingam will retire on February 9, 2013 while Rajesh Gopinathan, VP Business Finance, has been appointed as deputy CFO till February, the company said.

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TCS added 41 new clients during the quarter.

The company saw addition of 18,654 (gross) and 10,531 (net) people, taking its total headcount to 2,54,076.

"We will continue to focus on maintaining our strategy of profitable growth to maintain margins to ensure that we can invest on an ongoing basis as technology adoption cycles continue to get shorter," Chandrasekaran said.

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TCS has declared a second interim dividend of Rs 3 per equity share of Re 1 each of the company.

The company announced it will merge BPO arm e-Serve with TCS as part of consolidation at a swap ratio of 4:13.

Shares of TCS closed 1.14 per cent down at Rs 1,290.30.