India's Tata Consultancy's profit jumps 31.6 pct

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Associated Press

Posted on January 16, 2014 at 11:06 AM

MUMBAI, India (AP) — Leading Indian software exporter Tata Consultancy Services has reported a steep increase in quarterly profit, signaling that global spending on information technology is picking up.

The company said Thursday that it made $858 million in net income for the quarter ending Dec. 31, up 31.6 percent from the same period the previous year.

Tata Consultancy's bottom line was also aided by the weakened Indian rupee, which lost more than 10 percent of its value last year. India's IT outsourcers get most of their payment in dollars and euros from overseas clients and pay most employees in rupees.

Company CEO N. Chandrasekaran said the outlook in the coming year was even stronger.

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