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Indian IT Service Providers Report Rapid Growth Indian IT services companies continue to grow at a rapid pace as a series of results released for the 3 month period to the end of 2006 by the largest IT suppliers seems to indicate. The companies are becoming more successful at winning business against the established “Big Six” US and European IT service providers. Tata Consultancy Services (TCS) claimed the honour of being the first Indian tech company to clock up USD1bn in revenues in a single quarter, reporting total revenues of USD1.1bn for the quarter ended 31 December, 2006 - up 8.4 per cent quarter-on-quarter. It reported a net income of USD250m, up 11.4 per cent quarter-on-quarter. TCS also said 7,835 employees joined the company during the quarter, and said that among its highlights was a deal with a UK grocery retailer for application and infrastructure services which would lead to revenues of USD70m. Meanwhile Wipro reported total revenue at USD899m for the quarter - a 43 per cent jump on the same period last year, with net income of $169m, an increase of 40 per cent over the same period last year. Infosys said its third quarter revenues hit USD821m, up 47 per cent on the same quarter last year, adding 3,282 new employees across the quarter. Satyam said its software services revenues stood at USD376m, an increase of 33.3 per cent compared to the same quarter last year, with net profit, at USD71.1m up 24.3 per cent year on year. The company said it had added 34 customers in the quarter and added 2,476 staff. Satyam's president Ram Mynampati sees the opportunity to tap into other, lower cost economies as part of its strategy for dealing with such rapid growth.
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