Tata Consultancy Services seems to have gained pre-recession glory as indicated by the recently released financial results of the company for the second quarter ended September 30.

The Tata group owned firm reported more than expected net profit growth of 29 per cent during the quarter endorsing improving economic market conditions.   

The IT firm reported 7 per cent increase in its revenue to Rs 7,435 crore under good response from financial services segment. TCS is expected to take 8000 freshers on Board, honoring the commitments made in the last fiscals.

Commenting on the results, brokerage CLSA asserted, “TCS results, in almost all parameters, make this a blow-out quarter for the company. The most interesting thing in TCS numbers is that banking and financial services, which forms 45% of TCS revenues has grown the fastest at 8.7%QQ."

The newly appointed CEO of India’s largest technology firm, N Chandrasekaran hailed the performance of firm and said that the firm has been working out more than 20-25 large deals across India and overseas. However, he termed the environment challenging and said that returning to pre-slowdown days may take some time.

Shares of the firm surged 2.8 per cent on the Bombay Stock Exchange to settle at Rs 599.