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Strategies & Market Trends : India Stocks
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From: Julius Wong10/21/2012 8:03:46 AM
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Tata Consultancy Profit Beats Estimates on Outsourcing Demand
By Ketaki Gokhale - Oct 19, 2012

Tata Consultancy Services Ltd. (TCS), India’s largest software services exporter, reported second-quarter profit that beat analysts’ estimates after customers outsourced more information-technology work.

Net income rose 44 percent to 35.1 billion rupees ($652 million) in the three months ended Sept. 30, from 24.4 billion rupees a year earlier, Tata Consultancy said in a statement yesterday. The median of 36 analysts’ estimates compiled by Bloomberg was a profit of 33.8 billion rupees.

Tata Consultancy joins larger rival Accenture Plc (ACN) in signaling businesses are spending more on outsourcing to cut costs amid economic uncertainty as the Mumbai-based company won orders from Scandinavian Airlines System and Turkey’s Ziraat Bank during the quarter. Chief Executive Officer N. Chandrasekaran yesterday said deals were getting closed and there was a good pickup of discretionary spending by customers, spurring a positive outlook for the company.

“TCS is leading industry growth,” Ankita Somani, an analyst at Angel Broking Ltd. in Mumbai, said before the announcement. “Offshoring is happening more from Europe -- more companies have become willing to outsource core processes to cut costs,” said Somani who rates the stock accumulate.

Revenue rose 34 percent to 156 billion rupees, from 116 billion rupees a year earlier. That matched the 156 billion rupees median of 44 analysts’ estimates compiled by Bloomberg.

bloomberg.com
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