India's largest IT company, Tata Consultancy Services has reported net profits that beat market expectations with a Q3 FY 2013 figure at Rs 3550 crores, up 26.6 per cent year on year.
The revenues of the company have come in at Rs 16,070 crores, up 21.7 per cent year on quarter. The attrition in the IT services of the company has dipped below 10 per cent.
TCS has also increased the number of IT clients of over $100 million from 14 to 16. The company has declared a dividend of Rs 3 per share. Dollar revenues increased 3.33 percent to USD 2,948 million from USD 2853 million during the same period.
On Friday, India's second largest IT company Infosys surprised the markets with a spectacular set of numbers. Today's results by TCS could lead to a re-rating of IT stockIndia's IT services sector has been under pressure to maintain margins as pressure continued with global firm slashing IT budgets.