TCS announced its 2009-10 Q3 results today and produced better than expected numbers.
Q3 Revenues at $1.64 Billion up 10.3% YoY and 6.3% QoQ
Q3 Net profit at $364 billion up 38.9% YoY ; up 14.2% QoQ
TCS also added 10 major clients.
Able to maintain margins by leveraging offshore movements.
Overall growth in All verticals.
BFSI also grew considerably.
Also Ashok Mukherjee announced there wont be any wage hikes this year, they might decide on the hikes after April 2010.
Given the excellent performance of the company in this quarter, I am happy to share with you that management has decided to pay once again 1.5 times of the quarterly component of the variable pay (QVA) for the quarter ended December 31, 2009. This will apply to all eligible employees on India payroll.
Additionally, we have decided to go ahead with the 2009 promotion cycle globally with effect from January 1, 2010. This will apply to all associates recommended as per our process and guidelines.
For this Quarter there is a 50% hike in VA.
More updates as information is available
See the US GAAP presentation here