TCS sees quarter profits jump

TCS sees quarter profits jump

Company is diversifying services to meet growing market

Tata Consultancy Services (TCS) posted a 45 per cent jump in quarterly revenues to $1.42bn (£700m) thanks to some large outsourcing contracts and 51 new customers.

Over half of second quarter revenues came from new services as the company looked to diversify its portfolio.

Strategic investments have helped this growth, said chief executive S. Ramadorai.

"Our strategic investments in new services like consulting, infrastructure and platform-based business process outsourcing as well as new markets are helping accelerate growth and diversify our revenue base," he said.

During the quarter TCS became the first Indian IT company to cross the 100,000 employee-mark, adding over 12,000 new staff.

The company is seeing strong uptake of its services in North America, UK and Europe across financial services, technology, and transportation sectors.