Tata Consultancy Services (TCS) has registered Q2 (quarter ended Sept. 30th ’07) revenues of $1.4 billion, up by 45.2 percent Year-on-Year (YoY). During this period, the company’s net income reached to $313 million up by 45.1 percent YoY. A fiscal year in India is from April to March.

“We have underlined our leadership position by earning revenues of $2.7 billion during the first half of this financial year by accelerating our growth rate and improving our profitability in Q2,” says S. Ramadorai, CEO and MD, TCS. “Our strategic investments in new services like consulting, infrastructure and platform-based BPO as well as new markets are helping accelerate growth and diversify our revenue base, thereby reinforcing our full service capability.”

TCS continued to drive its program of long-term financial management with a strong focus on countering the impact of the appreciating Indian rupee and keeping a strong handle on costs. As at the end of Q2, TCS had about $2.6 billion outstanding in hedges. In addition, it continues to drive margin expansion through rate and productivity efficiencies and a movement of work offshore

During this quarter the company added 51 new clients in Q2 with 63 percent from non-U.S. geographies.

During Q2, TCS became the first Indian IT company to cross the 100,000 employee-mark. There was a gross addition of 12,523 employees in Q2 of which 5,899 were trainees and 5,658 were lateral recruits in India. The net addition of employees was 9,268. TCS also added 966 employees in overseas subsidiaries and branches.

TCS’ attrition rate in Q2 remained steady at 11.5 percent overall with 10.9 percent attrition rate in the IT-services business and 17.9 percent attrition rate in BPO. Foreign nationals formed 8.5 percent of the total employee base and 28 percent were women.