Tuesday, April 21, 2009
Key Highlights:
- Record Operating Profits at $1.43 B; up 11.7%
- Net Profit at $ 1.12 B; down 10.1%
- Board of Directors recommend 1:1 bonus share issue
Tata Consultancy Services (TCS), India's largest IT outsourcing firm, said on Tuesday that price competition will force it to focus on cost reductions in coming years.
Even though competition is intensifying as customers seek cost reductions, Tata's earnings in fiscal 2010 should be higher than the year earlier, Chief Executive S. Ramadorai told Reuters in a telephone interview after Tata announced profits that fell short of expectations.
"I would like to see a 10 percent year-on-year improvement" in cost reduction, he said.Tata Consultancy Services Ltd posted a 4.6 percent rise in quarterly profit, but it expects prices to fall by lower single digits in the coming year.
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