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TCS quarterly profit up 15 percent to $652M

MUMBAI, India (AP) -- Tata Consultancy Services says its profit rose 15 percent in dollar terms to $652 million in the October to December quarter as global clients continued to cut costs by sending work offshore.

Revenues for the quarter rose 14 percent from a year earlier in dollar terms to $2.9 billion.

The better-than-expected results from India's top outsourcer come despite a slump in business from continental Europe. TCS said more of its clients sent their employees on longer furloughs this year to cut costs at year's end.

TCS chief executive Natarajan Chandrasekaran said Monday he expects the good momentum to continue.

TCS joins rival Infosys in reporting higher-than-expected earnings, raising hopes of a revival in tech spending.