Indian outsourcer TCS profit up 23 percent

MUMBAI, India

India's top outsourcer Tata Consultancy Services says profits rose 23 percent, beating expectations as global clients ramp up spending.

Net profit for the March quarter was 24.0 billion rupees ($531 million) on revenue of 101.6 billion rupees ($2.2 billion).

The company plans to hire 60,000 people in its current fiscal year and offer employees in India a 12 to 14 percent wage hike, both signs of confidence in future growth.

Profit margins slid 1.5 percentage points from a year earlier on higher taxes, helping drive the stock down 2.2 percent in Mumbai trade.