TCS profit jumps 29.2 pc

TCS has now joined second-ranked Infosys Technologies in reporting earnings that surpassed forecasts,signalling demand for their services may be beginning to recover. Infosys had posted a 7.7 per cent rise in profit to Rs 1,540 crore. TCS said there was good demand in emerging markets such as Asia Pacific and Latin America and stability in the US,which accounts for half its revenue. However,the economic environment remained challenging in Europe. Its strong market presence in the US helped it to capitalise on emerging US recovery.

TCS shares gained 2.84 per cent to Rs 599 ahead of the announcement. TCS has delivered a sterling performance during the quarter. We are seeing an improvement in market conditions. With our clients8217; budgets still being tightly managed,we continue to deliver higher value to customers,deepening our relationships and focusing on superior operational management, Chandrasekaran said.

During the reporting quarter,the IT major added 30 new clients. Besides,it added 5,530 employees. We plan to add 8,000 new professionals in the October to December quarter. We plan to hire a total of 250 freshers in the US. Of these,140 have already joined, TCS vice-president and global human resources head,Ajoy Mehta,said.