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Tata Consultancy Services Limited (NSE: TCS), the top exporter of software services in India, increased its quarterly profits  by 23 percent  and reiterated its expectations to beat the forecast for industry growth, despite a disappointing outlook.

Key markets like the U.S. and Europe have reduced or limited tech spending due to the current global economic climate. This has made it difficult for TCS and its competitors to experience growth.

According to Reuters, TCS reported that it now has 16 clients which contribute $100 million or more in revenue annually. In the previous quarter, the company had 14 clients contributing that amount or more. TCS also reported that it added a total of 31 new clients during the fourth quarter.

Although TCS does not release fully detailed forecasts on its revenue, it still said that it will beat the National Association of Software and Service Companies (NASSCOM)’s estimate for export revenue growth within the industry. NASSCOM said in November that the sector would likely see revenue growth of 11 to 14 percent for the fiscal year ending in March. That was on the lower end of expectations for the sector.

Tata Consultancy Services Limited (NSE: TCS) reported that its net profits for its December quarter increased to $652 million, beating analysts’ forecasts. The consensus in a Thomson Reuters poll showed expectations that net profits for the quarter would be $594 million.

Today’s report from Tata Consultancy Services Limited (NSE: TCS) backs up hopes that were raised after Infosys Ltd (NYSE: INFY) reported its earnings on Friday, which were high than expected. According to some analysts this is another indication that the sector might be turning around. The company increased its forecast for its full-year revenue because it added new clients and saw its existing clients accelerate their IT spending.