TCS hits US $1B mark in a Single Quarter
TCS, the Indian IT Power house reportedly hit US $1B revenue in a single quarter ending with December of 2006. And is on its way to hit its best in Annual revenues.
INDIA's most valuable technology company, Tata Consultancy Services, is on its way to a record $US4 billion ($5 billon) annual turnover after notching sales of $US1.1 billion in a powerhouse December 2006 quarter. The results, including a quarterly net profit of $US252 million, were above estimates. TCS, which is controlled by the diversified Tata Group through its Tata Sons holding company, said revenue jumped more than 40 percent from a year earlier. It also reported closing five big multi-year deals worth $US450 million during the quarter, including one for $US90 million with Australian airline Qantas covering application development and support.
It said at least another 10 big deals - each above $US50 million - were in the order pipeline.
Unveiling the results in Mumbai earlier this week, TCS chief executive S. Ramadorai said the company had "another quarter of exceptional performance," becoming the first Indian IT company to exceed $US1 billion in revenue in a single quarter. He also said TCS was "winning the talent game" as Indian IT companies scrambled to attract the best staff for a workforce that was becoming increasingly globalised - Source