India's TCS sees stronger growth in next fiscal on higher demand

By Aradhana Aravindan MUMBAI (Reuters) - Tata Consultancy Services Ltd, India's top IT services provider by market value, expects sales growth to accelerate next fiscal year after it beat quarterly profit estimates on increasing overseas demand for outsourcing services. Signs of economic revival in the United States and Europe, the biggest markets for India's $108 billion IT outsourcing industry, have increased demand for the services offered by TCS and its domestic rivals. Worldwide IT spending growth is expected to accelerate to more than 5 percent in 2014 after growing last year at its slowest pace since the financial crisis, according to the International Data Corporation, a research firm. TCS, which posted a 49.6 percent quarterly profit rise to log its fastest pace of increase in at least two-and-half years, raised its hiring target for the fiscal year that ends in March by 5,000 to 55,000, underscoring the strong outlook.

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