"We have seen a 50 percent growth in the first quarter over the corresponding quarter of the last fiscal (2003-04) year" said B V Naidu, the director of Software Technology Parks of India (STPI). "As part of the strategy to sustain global competitiveness and increase their margins, corporations worldwide have been looking at India and Bangalore as a top outsourcing and off-shore destination."

Some of the companies currently operating in Bangalore include: Accenture, Dell, GE, and Hewlett Packard.

Net revenues for the third quarter of fiscal 2004 were $3.69 billion, compared with $3.04 billion for the third quarter of the prior year, an increase of 21%.

Diluted earnings per share for the third quarter were $0.37, compared with $0.28 for the third quarter last year, an increase of 31%. For the first nine months of fiscal 2004, diluted earnings per share were $0.92, compared with $0.80 for the same period last year, a 15% increase.

Compared to third quarter results for FY 2003, Accenture reported an increase in net revenues for the following operational areas (in U.S. dollars):

Consulting and Outsourcing Net Revenues

Consulting: 13% increase
Outsourcing: 37% increase

Communications & High Tech: 23% increase
Financial Services: 24% increase
Government: 31% increase
Resources: 8% increase
Products: 19% increase

Net Revenues by Geographic Region

Europe, Middle East and Africa (EMEA): 27% increase
Americas: 13% increase
Asia Pacific: 36% increase

"We achieved record performance in the third quarter, thanks to the dedicated efforts of our 95,000 people globally and the economic recovery we continue to see in many parts of the world," said Joe W. Forehand, Accenture's Chairman and CEO. "We posted our highest quarterly net revenues ever, with growth in each of our five operating groups and double-digit growth in each of our three geographic areas, and we turned in significant growth in earnings per share."