Outsourcing firm Tata Consultancy Services (TCS) claims it has become the first Indian IT company to net $1 billion in revenues in one financial quarter (Q3 ending December 31, 2006) and post a 40 percent revenue increase year on year.
TCS states a number of contract wins in Australia, North America, China and the Middle East have contributed largely to the growth.
N. Chandrasekaran, executive vice president and global head of sales and operations, said the company closed five deals in Q3 worth over $50 million, adding during that quarter Non-Indian operations have increased 30 percent.
According to a press release, TCS has recently signed a five-year outsourcing deal worth $140 million with a Latin American bank, a multi-year application development and support contract worth $90 million with Qantas and a core banking deal with a Chinese bank worth approximately $100 million.
Net income quarter on quarter increased 11.4 percent at $250 million, with an increase of 55 new clients globally in Q3 and a headcount increase of 7835. TCS currently employs a total of 83,500 people.