TCS net up 38 percent for fiscal 2013-14

Indian IT bellwether Tata Consulting Services (TCS) posted a net profit of Rs.19,117 crore for fiscal 2013-14, registering a 38 percent year-on-year (YoY) growth as per Indian accounting standards.

In a regulatory filing to stock exchanges Wednesday, the global software major said its revenue grew 30 percent YOY to Rs.81,809 crore for the fiscal under review (FY 2014).Under the International Financial Reporting Standard (IFRS), net income for fiscal under review (FY 2014) grew 23 percent YoY to $3.1 billion and gross income 16 percent YoY to $13.4 billion.

For fourth quarter (January-March) of the fiscal under review (FY 2014), net profit at Rs.5,297 crore is up a whopping 52 percent YoY and 2.3 percent sequentially, as per the Indian accounting standard.Similarly, revenue for quarter under review (Q4) increased 32 percent YoY to Rs.21,551 crore, which is 1.2 percent up sequentially.

Under IFRS, net income for fourth quarter grew 33 percent YoY to $861 million, which is sequentially up 2.9 percent and gross income grew 15 percent YoY to $3.5 billion, which is 1.9 percent up sequentially.