TCS confident of beating NASSCOM guidance in FY14

Moneycontrol Bureau

India's largest software services exporter Tata Consultancy Services is confident of beating NASSCOM's industry growth guidance in the current financial year. The industry body has forecast the sector to clock 12-14 percent growth in 2013-14. Infosys last week forecast FY14 revenue growth significantly below NASSCOM expectations, saying environment remained challening. N Chandrasekaran, CEO of TCS told reporters on Wednesday that the company continued to see strong momentum, deal closures were happening and it remained positive on all sectors including financial services. The Tata Group company was on target once again as fourth quarter consolidated net profit rose 1.3 percent quarter-on-quarter (22 percent from a year ago) to Rs 3,597 crore. Revenue in Jan-March gained 2 percent sequentially and 24 percent YoY at Rs 16,430 crore. Analysts on average had expected TCS to report a net profit of Rs 3,504 crore on revenue of Rs 16,406 crore. Also Read: TCS Q4 net up 22% YoY to Rs 3,597 crore on higher other income TCS shares closed down 1.8 percent at Rs 1,456.65 on NSE on Wednesday. The results were anounced after markets closed.