It was what I guess you’d call a workman-like performance from the largest of the India-based offshore services players, TCS, with Q3 revenues (to 31st Dec.) 21% higher yoy at $2.59b, 2.4% up qoq. The growth rates looked so much mightier in local currency, of course (+37% yoy and +13% qoq) given the near 11% depreciation of the Rupee over the quarter. And for just this reason (and like peers Infosys and HCL) operating margins got a bit of a burnishing, hitting an all-time high of 29.2%, over a point higher yoy and 2 points qoq. Meanwhile, TCS inches ever closer to the magic quarter-million employee mark (and see How do you make a million march in step?), with almost 227k heads on the payroll. Another couple of quarters ought to do it!
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