TCS profits surge

MUMBAI: India’s biggest IT outsourcing firm Tata Consultancy Services (TCS) on Tuesday reported expectation-beating quarterly profits, citing robust orders from its core US and European markets. The software giant said in a statement that net profit for the three months to September 30 rose 14.50 per cent to INR 60.55 billion ($928 million), from INR 52.88 billion in the same period last year. A Bloomberg survey of analysts had expected the Mumbai-based firm to increase its earnings to INR 60.3 billion. The expected strong demand for its services has prompted TCS to raise its hiring target to 75,000 new employees by the end of the 2015-16 financial year, up from 60,000 earlier. The firm’s revenues for the most recent quarter climbed to INR 271.65 billion, up from INR 238.16 billion a year ago.