BOMBAY, India - India's biggest software company Tata Consultancy Services Ltd. said Tuesday its profit more than doubled in the second quarter on higher outsourcing orders from its key North American and European markets.
In the quarter ended Sept. 30, profit surged to 6.93 billion rupees ($154 million) from 3.23 billion rupees ($77 million) in the same period a year ago.
TCS posted a 21.85 percent rise in revenue to 29.82 billion rupees ($662 million) during the July-September quarter, compared with 24.48 billion rupees ($544 million) a year earlier.
"Our ability to manage complex technology engagements on a global scale will continue to be a growth driver," said S. Ramadorai, chief executive officer of TCS.
TCS, India's largest software services company by revenue, added 74 new clients in the second quarter. Prominent among its new orders was a $250 million outsourcing order from Dutch bank ABN Amro.
The company received a $250 million five-year outsourcing order from group company, Tata TeleServices Ltd. It also won a multiyear, multimillion-dollar deal from an undisclosed leading global bank as its partner in Latin America, the company said in a statement.
Founded in 1968, Tata Consultancy, which is part of India's industrial conglomerate Tata Group, was the first to pitch to Western companies the idea of outsourcing software development jobs to India.
Its clients include AT&T Corp., American Express Co., Boeing Co., General Motors Corp., British Telecom PLC, International Business Machines Corp., Microsoft Corp., Dell Inc. and the state governments of Montana and Pennsylvania.