Tata Consultancy Services (TCS), Country's largest software exporter, has posted a 23% growth in net profit which surged to Rs 1520 crore, for the first quarter of the financial year 2009-2010, helped by lower costs and higher revenues from major markets.

The company had posted net profit of Rs 1,290.61 crore in the corresponding quarter a year-ago.

Further, the company also registered a growth of 12.4% in its revenues, which grew to Rs 7,207 crore against Rs 6,410.70 crore in the corresponding period of the last year.

In a separate release, the company said that it would pay the variable component of employee salaries in full for the quarter, but would continue with the freeze on wage hikes for now.

The scrip of IT firm closed on Friday at Rs 434, up 3% on BSE. The stock touched an intraday high and low of Rs 437 and Rs 409 respectively.