Thursday, October 23, 2008

Tata Consultancy Services Ltd (Q2 FY09)

Dollar revenue growth in-line despite material offshore shift; volumes surprise on upside
Growth continues to be driven by the non-Top 10 clients; Europe records strong growth
Broad-based growth across verticals; amongst services, ADM and Engineering drive growth
OPM expansion of 230 bps qoq was far above expectations; operating profit grew 18.8% qoq
Huge forex loss and higher depreciation impact net profit growth
Employee additions were strong; company confident of achieving FY09 hiring guidance



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