Anurag Bhullar
India’s top software services exporter, Tata Consultancy Services today posted its quarterly results of October-December 2008. The net profit of the company rose to Rs 1352 crore by climbing 1.6 percent in the third quarter, as compared to Rs 1331 crore recorded in the corresponding quarter last year.
These results fall short of the pre-results forecasts made by different analysts for TCS. The global economic turmoil, Satyam-Scam and the latest bankruptcy filing by Nortel Networks- one of the prominent clients of TCS, has added to the woes of the company.
The sales of TCS rose to Rs 7,277 crore in the third quarter with operating profit stood at Rs 1,802 crore. TCS managed to add 41 new clients into its list during the third quarter. It hired over 11,000 new employees and experienced an attrition rate of 11.9 percent in the last quarter.
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