TCS shares rally on better-than-expected Q3 results

TCS shares rally on better-than-expected Q3 results

Stock in Tata Consultancy Services (TCS) gained around 5 per cent to Rs 1,400 on National Stock Exchange (NSE) in opening trades on Tuesday after the software giant reported better-than-expected results for the third quarter of the current fiscal.

TCS announced that its consolidated net profit jumped 1 per cent quarter-on-quarter to Rs 3,552 crore in the three months through December 2012. On year-on-year basis, consolidated net profit jumped by a whopping 23 per cent.

Revenue jumped 2.9 per cent quarter-on-quarter and 21.7 per cent year-on-year to Rs 16,070 crore. Dollar revenue climbed 3 per cent to US$2,948 million.

The announced figures were better than analysts’ average projections. Analysts on an average had projects consolidated net profit of Rs 3,433 crore.

The company has also announced an interim dividend of Rs 3 per equity share of Re 1.

TCS managing director & chief executive officer N Chandrasekaran said that reiterated that the company would grow more than industry body NASSCOM’s guidance of 11-14 per cent growth in the current fiscal.

The India’s biggest software exporter is also looking to hire 60,000 new employees during the current fiscal year.

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