India outsourcer TCS posts $748M quarterly profit

AP News
Posted: Oct 15, 2013 8:07 AM

MUMBAI, India (AP) — Top Indian outsourcer Tata Consultancy Services says its quarterly profit surged 16.4 percent on strong demand across its main markets and several new clients.

The Mumbai-based company posted profit of $748 million for the quarter ended September.

CEO Natarajan Chandrasekaran said robust demand in the U.S., Europe and Asia fueled the strong quarter. TCS also added three new clients with business worth $100 million.

The weakened rupee boosted profit in rupee terms since TCS gets most of its revenue in foreign currency but pays most of its 250,000 employees in the Indian currency.

The rupee plunged to an all-time low late in the summer before recovering somewhat in the last month.