Tata Consultancy Services (TCS) posted 2.7 per cent increase in its net profit for the quarter ended December 31, 2008. Its net profit stood at Rs 1,362 crore for the reporting quarter as compared to Rs 1,327 crore in the same quarter last year.

TCS CEO and Managing Director, S. Ramadorai said, "In tough market conditions, TCS continues to perform in a stellar fashion, driving revenue growth through our diversified market presence and boosting our operational profitability by conserving costs and creating efficiencies."

Ongoing global financial crisis and volatile market conditions impacted its business leading to small increase in its net profit. Depreciation in Indian currency against US dollar also hit its business in the quarter causing marginal increase in its net profit and 7.10 per cent increase in revenue.

Its revenue stands at Rs 7,277 crore against Rs 5,923 crore in last quarter. The company suffered a net forex loss of Rs 251 crore during the quarter.

It should be recalled that income from acquired Citi arm is not included while calculating net profit. The company management said that revenue from Citi acquisition would be included in the fourth quarter results.