India's largest software services exporter Tata Consultancy Services (TCS) net profit rose higher than expected 1.1 per cent quarter-on-quarter to Rs 3,551.1 crore in the third quarter of current financial year 2012-13. Revenues grew by 2.9 per cent to Rs 16,069.9 crore in the October-December quarter of 2012 from Rs 15620.8 crore in previous quarter, which too were ahead of forecast.
Analysts on an average were expecting net profit at Rs 3,410 crore and revenues at Rs 15,950 crore for the quarter. Dollar revenues increased 3.33 per cent to $ 2,948 million from $ 2853 million during the same period.
Operating income jumped 4.8 per cent QoQ to Rs 4,380.9 crore as against analysts' forecast of Rs 4,224 crore. Operating margin improved by 55 basis points to 27.3 per cent in the third quarter compared to 26.75 per cent in previous quarter. Net margin came in at 22.1 per cent.
The stock rose 2.14 per cent to close at Rs 1,334.30 amid heavy volumes on Bombay Stock Exchange (before announcement of results).