TCS ups hiring target to 55k

Mumbai: IT services major TCS on Thursday posted a better than expected growth of 50.3 per cent in consolidated net profit at Rs 5,333 crore for the third quarter ended December 31, aided by sectors like life sciences, manufacturing and improved business in Europe.

The country’s largest software services exporter had reported a net profit of Rs 3,550 crore in the year-ago period, as per a BSE filing citing Indian GAAP figures.

Net profit as per Indian IFRS rose by nearly 50 per cent to Rs 5,314 crore in the third quarter as against Rs 3,549.62 crore in the corresponding period in the previous year.

Consolidated revenues of the city-based firm rose by 32.5 per cent to Rs 21,294 crore in the October-December quarter this fiscal compared to Rs 16,070 crore in the same quarter of 2012-13 fiscal.

TCS chief executive officer and MD N Chan-drasekaran described the quarter as a “very good one”. Quarter-on-quarter (q-o-q) in rupee terms, TCS net profit rose by 15.1 per cent and revenues were up by 1.5 per cent.

TCS also said it continued to hire to support business growth.  There was a total gross addition of 14,663 people taking total employee strength to 290,713 as of December 31, 2013. “We have increased our hiring target by a further 5,000 employees for the current financial year to 55,000 professionals,” TCS  global head human resources Ajoy Mukherjee said.