Indian tech companies continue to grow at a rapid pace, judging by the series of rosy third-quarter financial results filed in the last week.
Some of the largest India IT services companies are expanding at a furious pace, adding thousands of staff every quarter as they win deals from the established IT services companies.
Tata Consultancy Services (TCS) claimed the honor of being the first Indian tech company to clock up US$1 billion in revenues in a single quarter, reporting total revenues of US$1.1 billion for the quarter ended 31 December, 2006--up 8.4 percent quarter-on-quarter. It reported a net income of US$250 million, up 11.4 percent quarter-on-quarter.
TCS also said 7,835 employees joined the company during the quarter, and said that among its highlights was a deal with a U.K. grocery retailer for application and infrastructure services which would lead to revenues of US$70 million.
Meanwhile Wipro reported total revenue at US$899 million for the quarter--a 43 percent jump on the same period last year, with net income of US$169 million, an increase of 40 percent over the same period last year.
Infosys said its third quarter revenues hit US$821 million, up 47 percent on the same quarter last year, adding 3,282 new employees across the quarter.
Satyam said its software services revenues stood at US$376 million, an increase of 33.3 percent compared to the same quarter last year, with net profit, at US$71.1 million up 24.3 percent year on year. The company said it had added 34 customers in the quarter and added 2,476 staff.
Satyam's president Ram Mynampati told silicon.com the company is "tapping into other, lower cost economies" as part of its strategy for dealing with such rapid growth.
Steve Ranger of Silicon.com reported from London.
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