India’s largest IT services provider Tata Consultancy Services (TCS) recorded a net profit (consolidated Indian GAAP) of Rs 1,362 crore (US$ 280 million) for the quarter ended December 31, 2008 — up 2.68 per cent over the corresponding quarter figures of Rs 1,327 crore in FY07. The net profit figure, however, was higher by Rs 41.53 crore due to lower depreciation charges.  Its revenues at Rs 7,277 crore (1,5 bn) too, were up 24.13 per cent over the corresponding quarter figures of Rs 5,923 crore. The TCS management said currency volatility had hit the growth of its revenue in this quarter. The company suffered a forex loss of Rs 251 crore.  Sequentially, its net profit was up 4.65 per cent while its revenues were up 7.10 per cent. The company’s EPS stood at Rs 13.92, and it declared a quarterly dividend of Rs 3 per share -– its 18th consecutive quarterly dividend.   [1 Crore = 10 million]Source: Press Release   

BIIA Newsletter January – 2009 Issue