Tata Consultancy Services, India largest software exporter, has posted a lower net profit than street expectations.

The smaller net profit was mainly as the company delayed spending on projects and incurred more costs on new employees. The Mumbai-based software giant's net profit grew by 6% to Rs 2,301 crore over the year ago quarter as its clients increase spending on IT projects to improve efficiency.

TCS has said in a statement yesterday that its Revenues grew 25% to Rs 11,633 crore over the year ago quarter. Thus, the net profit was down 5% and revenue up 8% and was below the average of analysts' expectation first time in several quarters.

"The order book has been very good and the outlook is very bright," said TCS chief executive officer and managing director N Chandrasekaran. He also said that even as there is a lot of macro-economic uncertainity companies appear ready to spend on IT projects.

He announced that the company closed 10 large deals of $100 millon or more during the second quarter and is working to get another 10 of such deals. Shares of the company ended 1 per cent lower at Rs 1,119.80 on Monday before the announcement of the quarterly results.