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TCS becomes the first U$10 billion Indian IT company

Zafar Anjum | April 24, 2012
Annual revenues up 24 percent at US$10.17 billion and annual net income stood at US$2.2 billion, up 16 percent year on year.

Indian IT services, consulting and business solutions provider Tata Consultancy Services (TCS), became the first IT firm in the country to cross the 10 billion dollar milestone posting annual revenues of US$10.17 billion.

The IT firm reported its consolidated financial results today for the quarter and financial year ended March 31, 2012.

Annual revenues up 24 percent at US$10.17 billion and annual net income stood at US$2.2 billion, up 16 percent year on year. Q4 revenues were at US$ 2.64 billion, up 2.4 percent. There was a gross addition of 19,156 professionals and net addition of 11,832 employees in this quarter.

"We have carried our strong momentum through the fourth quarter to close out a year of strong growth," said N. Chandrasekaran, CEO and MD, TCS. "We have kept our focus on profitability and consolidated our market leadership."

"With our customer-centric approach, strong solution set and investments in game-changing technologies like mobility, big data and cloud, we remain well positioned to help our customers transform and drive growth in their businesses," he added.

There was secular growth across markets and industries during the financial year, the company announced.  All industry verticals grew in double digits during FY12. 

"TCS' full services capabilities continue to be leveraged by customers with new service lines growing at a fast pace - Infrastructure Services, Enterprise Solutions and Business Process Outsourcing service lines each clocked more than $1 billion in revenues in 2011-12," the company said in its statement. "All other service lines also grew by double digits."

Key wins in the Q4 came from a leading US insurer as a strategic partner in a multi-year programme that aims to help it re-architect its policy and customer management application portfolio, partnership with one of the largest European telecom companies to restructure their application and infrastructure management services, and a leading international automotive retailer to support, develop and globally rollout their dealer & retail management programme.

As of 31 March 2012, the company has applied for 448 patents and has been granted 68 patents.

"We have successfully undertaken the largest ever hiring effort in our history by adding and integrating 70,400 professionals during 2011-12. With business demand continuing to be robust, we have made 43,600 offers on campuses for trainees to join us from the second quarter of this fiscal year," said Ajoy Mukherjee, executive vice president, head, global human resources. "Our efforts to increase retention by engaging with our employees and offering them a progressive career path are paying dividends with attrition rates falling further to 12.2 per cent." 

The average age of a TCS employee is 28 years and 62.4 percent of the workforce has more than three years experience while 31.6 percent of the workforce is comprised of women.


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