The Mumbai, India-based Tata Consultancy Services (TCS) has reported revenue of $1.48 billion in the last quarter of 2008, and is continuing to perform well in spite of the difficult economic climate, according to CEO and Managing Director S. Ramadorai. Net profits for the quarter rose 1.6 percent year over year. Ramadorai credits the growth of the firm to a diversified market presence and boosting its operational profitability by cutting costs and creating efficiencies.
For the quarter, TCS said it added 41 new clients to its roster, and had a gross addition of 11,773 employees. According to S. Mahalingam, chief financial officer, the firm had a significant exposure in non-dollar denominated revenues, which means the depreciation in Pounds, Euro, Australian Dollars and Brazilian Reals translates to a lower amount of dollars, impacting revenue and profit growth in dollar terms, but continuing growth in constant currency and absolute terms.
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