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TCS posts marginal rise in Q2 net on forex hedging losses

Tata Consultancy Services reported flat growth in net profit for the second quarter ended September 2008 as it encountered losses related to forex hedging and made provisions for two customers impacted by the US sub-prime crisis.

TCS  reported a 1.5 per cent growth in net profit, at Rs 1271 crore against Rs 1251.6 crore in the same quarter a year ago. On a sequential basis the company’s net profit was down 1.5 per cent. Revenues were up by 25.3 per cent on a year ago basis to Rs 6953 crore.

The company currently has an open hedge position of $1.8 billion.

During the immediate previous quarter the rupee reversed direction and depreciated by 8.3 per cent vis-À-vis the US dollar.

TCS is currently pursuing 20 outsourcing deals of above $50 million, four each in the retail, manufacturing and BFSI space.
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