Revenues, Profits Soar At India's Top Outsourcer, Tata
Tata Consultancy Services Ltd., India's foremost software developer, reported Thursday that its third-quarter profit rose 54 percent, to $162 million.
Tata Consultancy Services Ltd. reported Thursday that its third-quarter profit rose 54 percent, to $162 million (7.09 rupees), on revenues that rose 38 percent, to 25.8 billion rupees. Tata is India's largest software developer and that country's largest offshore outsourcer providing services to foreign customers.
General Electric, Tata's biggest customer, is expected to provide "marginal" growth in coming months, Tata said. India's second largest offshore outsourcing firm--Infosys Technologies--also reported soaring revenues and profits yesterday, as Indian firms continue to upgrade their services to customers.
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Tata reported that new orders came from 72 customers--15 of them represent sales of more than $1 million a year. Italian sports-car manufacturer Ferrari SpA placed new orders with Tata, which said it will perform "core engine-design services" for its strategic partner.
In a statement, Tata's chief executive officer and managing director, S. Ramadorai, said: "Excellent teamwork between TCS and its subsidiaries have resulted in a strong growth momentum across all geographies, domains, and offerings." The company has a total of 506 active customers, and the firm said it also obtained significant customer wins with major media and entertainment-industry studios.
The firm reported that it added 2733 employees, bringing its total headcount to 43,681. Tata gets most of its outsourcing revenue from work performed at customer locations, while remote locations, such as India, accounted for about 40 percent of revenue.