TCS Q2 profit grows 10 percent

Tata Consultancy Services has turned in another solid quarter of growth, reporting profits of US$668 million on the back of strong sales across all markets, led by the United States.

Tata Consultancy Services (TCS) boosted profits by 10 percent in its second quarter, over the past year, generating US$668 million net income.

India's biggest outsourcing servics provider by revenue reported its earnings for the quarter, ended June 30, when it recorded sales of US$3.16 billion, up 16 percent than the corresponding quarter in 2012.

Its profit, up from US$663 million in the preceding quarter, beat estimates of 24 analysts surveyed by Thomson Reuters.

TCS CEO N. Chandrasekaran said in a statement the positive results were driven by high volume growth in the past seven quarters. "It has been an all-round performance with strong revenue growth across markets led by the United States.

"Our investments in Europe continue to gain strong traction with customers and helped us deliver industry-leading growth this quarter," Chandrasekaran said.

The company's stock climbed 5 percent, at 10:30 am IST, to 1,745 rupees (US29.27).