Tata Consultancy reports 23 percent annual jump in net profits

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Mumbai, April 18 (IANS) India’s top IT company Tata Consultancy Services on Monday reported a 23 percent jump in its net profits for 2015-16, at Rs.24,215 crore. The company’s revenues for the year, based on global accounting norms, was up 14.8 percent at Rs.108,646 crore.

The company, which faces a $940 million fine in the US in a software case, said its net profits for the last quarter of 2015-16 were up as much as 64.4 percent at Rs.6,341 crore (year-on-year) and revenues jumped 17.5 percent to Rs.28,449 crore.

On a sequential (quarter-on-quarter) basis, the fourth quarter revenues were up 3.8 percent and net profits were up 3.8 percent.

The results came after the close of trading hours on Indian bourses. The company’s scrip had ended with a marginal fall of Rs.0.75 or 0.03 percent at Rs.2,522.40 on the BSE.

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The robust results come just a few days after the Indian IT bellwether was fined $940-million by a US Federal Court in Wisconsin for allegedly stealing software information. Tata Consultancy has since denied any wrong-doing and says it intends to appeal against the verdict in higher courts.

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