India's largest software exporter, Tata Consultancy Services (TCS) has earned profit of Rs 55.68 billion, representing a rise 45% while revenues went up 22.93% to Rs 221.11 billion for the first quarter of financial year 2014-15. On quarter on quarter basis, it posted a rise of 3.9% in the net profit and 2.6% rise in the revenues.

Analysts, on average, expected TCS to report a profit of Rs 47.13 billion on revenue of Rs 219.92 billion.

Commenting on the Q1 performance, CEO and MD, N Chandrasekaran said, ''Robust volumes and healthy growth across all industries and key markets helped TCS start the new financial year on a strong note as our broad-based business portfolio continues to deliver results. We have a strong demand pipeline in place and our customer-centric mindset, leadership in the ‘Digital’ space and strong execution capabilities will help us to sustain our momentum.''

Chandrasekaran added, ''On the occasion of the 10th anniversary of TCS' IPO, the board of directors has announced a special dividend of Rs 40 a share.''

Rajesh Gopinathan, CFO, said, ''During the quarter, our disciplined stance in operations helped us mitigate the impact of multiple headwinds like currency movements, accelerated depreciation norms and wage hikes during the quarter.''

Shares of the company declined Rs 20.25, or 0.84%, to settle at Rs 2,381.10. The total volume of shares traded was 67,384 at the BSE (Thursday).