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Tata Consultancy Q2 net up 1.2pct, lags f’cast

Posted by Yogesh on Wednesday, 22 October, 2008

MUMBAI, Oct 22 (Reuters) – Tata Consultancy Services Ltd, India’s top software services exporter, posted a 1.2 percent rise in quarterly profit, lagging expectations, as the global economic downturn crimped outsourcing.

The company, part of India’s Tata Group that has interests in cars, commodities and services, said on Wednesday net profit in the September quarter rose to 12.62 billion rupees ($256 million) from 12.47 billion a year earlier under U.S. accounting rules.

A Reuters poll of brokerages had forecast a net profit of 13.74 billion rupees for Tata Consultancy, which caters to firms including General Electric Co, Lloyds TSB Group, French insurer AXA SA and Qantas Airways .

Profit rose to 12.71 billion rupees under Indian accounting standards, the company said.

Earlier, Wipro, the No. 3 software exporter, missed estimates with a 1.2 percent rise in quarterly net profit and joined its rivals in giving a muted forecast due to deteriorating global economic conditions.

Ahead of the announcement, shares in Tata Consultancy, which provides services such as consulting, system integration and back-office outsourcing, ended down 2.6 percent at 546.35 rupees in a Mumbai market .BSESN that fell 4.8 percent. Source Reuters

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