Monday, April 23, 2012

Tata Consultancy Services crosses $10bn in revenues

Tata Consultancy Services CEO Chandrasekaran laughs while interacting with reporters after a news conference in Mumbai

Indian IT firm Tata Consultancy Services (TCS) has crossed $10bn (£6.2bn) in annual revenues for the first time.

Net profits rose 22% to $2.2bn in the year to March from the previous year.

TCS said that it has "undertaken the largest ever hiring effort in our history" by adding almost 40,000 new staff.

The firm said its double-digit profit growth was fuelled by "game-changing technologies" like cloud computing.

TCS' perfromance contrasts with rival Infosys, India's second-largest software company, which issued a weaker-than-expected outlook for the current financial year.

The numbers come as many of India's software companies have been facing tough times, not least due to a slowdown in some of their biggest markets such as the US and Europe.

At the same time, growing opposition, especially in the US, over outsourcing of jobs has fanned fears about the future growth in those markets.

But TCS said its revenues in North America grew by 29.6% to cross $5bn, while Europe jumped by 33.8%.

In the last three months of the year, it said it had been selected by a leading US insurer as a strategic partner and rolled out a programme with an international automotive retailer.

Tata Group has 28 listed companies.



Source & Image : BBC

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