UPDATE: TCS FY11 profit rises 30% to Rs 9,068 cr

IT giant Tata Consultancy Service has reported nearly 30% increase in its consolidated profit for the financial year ended March 31, 2011. According to stock exchange filings, the net profit for FY11 was pegged at Rs 9,068.04 crore, 29.54% higher than Rs 7,000.64 crore for the previous fiscal.

The total income for FY11 increased to Rs 37,324.51 crore from Rs 30,028.92 crore in the financial year ended March 31, 2010. This signifies an increase of 24.30%. The income received a major boost from sale of equipment and software licences that reported an increase of nearly 35%.

TCS also achieved  a 3.2% growth in its Q4 net profit at Rs 2,402 crore as per US GAAP.

Q4 sales too sprang by 5.1% to Rs 10,157 crore.

Within the income segment, banking, financial services and insurance (BFSI) contributed the largest share followed by telecom, retail & consumer packaged goods and manufacturing. Meanwhile, the company took a hit of Rs 36.23 crore on account of foreign exchange loss in FY11.

The board of the company has recommended a final dividend of Rs 8 on equity share of Re 1 each, which shall be paid on the fourth day from the conclusion of the annual general meeting, subject to the approval of the shareholders of the company.