Infosys beats TCS in net profit!

In what is probably the first time, Infosys Technologies beat its close rival and India's largest software company TCS in net profit reported in Q1. In Q1, TCS has registerd net profit lower than that of Infosys Technologies although its total revenue is higher. While Infosys had a net profit of Rs 1,302 crore for the first quarter, the comparable figures for TCS were Rs 1,291 crore, under Indian accounting standards. TCS net income under the US GAAP fell marginally to Rs 1,243.6 crore, compared to Rs 1,255.8 crore in the previous quarter. Revenue in the same period grew 6% to Rs 6,410.7 crore. The weaker rupee also had a net negative impact on the profits, coupled with salary hikes given out during the quarter. TCS said it saw a forex loss of Rs 75.3 crore in the first quarter, compared with a Rs 59 crore forex gain in the previous quarter.

Thanks: TOI