TCS net up 50 percent in third quarter

Tata Consultancy Services (TCS) reported net profit of Rs.5,314 crore for the third quarter (October-December) of this fiscal (2013-14), posting a whopping 50 percent increase year-on-year (YoY) and 13 percent sequentially as per the Indian accounting standard.

In a regulatory filing to the stock exchanges Thursday, the IT bellwether said revenue for the quarter under review (Q3) increased to Rs.21,294 crore, registering 33 percent YoY growth but 1.5 percent sequentially from second quarter (July-Sept).

Under the International Financial Reporting Standard (IFRS), revenue rose marginally to $3,438 million ($3.4 billion) from $3,337 million ($3.3 billion) in second quarter, posting a marginal 3.8 percent sequential growth.