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TCS Q4 net profit up 23.3%, beats forecast Apr 21, 2011, 02.14pm IST

Friday, April 22, 2011

MUMBAI: Tata Consultancy Services (TCS), India's largest software services exporter, posted a 23-percent rise in quarterly net profit, beating street forecasts, on rising demand for outsourcing services from western clients.

TCS, a unit of the salt-to-steel conglermerate Tata Group, said that fiscal fourth-quarter net profit rose to 24.02 billion rupees ($542 million).

This compares with a Reuters poll forecast for net profit of 23.51 billion rupees for TCS, whose major clients include Citigroup, General Electric, British Airways and Sony Corp.

Shares in TCS, valued at about $54 billion, have risen more than 4.6 percent this year, outpacing a 9-percent fall in the sector index and a near 5 percent drop in the broader market.

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