TCS net up 28 per cent in Q1 results, to hire 60,000 in FY12

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

TCS net up 28 per cent in Q1 results, to hire 60,000 in FY12

Tata Consultancy Services has posted a 28-percent rise in quarterly net profit and beat analysts' forecasts amid increased demand from western clients. TCS has claimed that fiscal first-quarter net profit rose to 23.8 billion rupees ($535 million) in accordance with international financial reporting standards. The company reported its results as per IFRS rules for the first time, moving away from US accounting standards.

Shares in TCS, valued at about $50 billion, closed down 2.2 per cent at 1,123.70 rupees ahead of the earnings announcement, in a positive Mumbai market.

Also, the company plans to hire about 60,000 people in the ongoing financial year (2011-12). During the quarter ended June 30, the company made a gross addition of 11,988 employees, while 8,412 left the organisation. The net remaining with the organisation stood at 3,576 headcounts, taking total headcount to 2,02,190.

"The company during second quarter is expected to hire 17,000 to 20,000 people," CEO MD N Chandresekaran said. The attrition rate during the first quarter was 14.8 per cent as compared to 14.4 per cent last quarter (Q4 FY11).


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