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Girijesh Agarwal
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Back to all TCS Financial Solutions announcements

TCS starts 2006-07 with consistent and robust growth

Total Revenues at $ 900 million up 42.28% Y-on-Y
Net Income at $ 187 million up 33.28% Y-on-Y

MUMBAI, July 18, 2006: Tata Consultancy Services (BSE: TCS.BO, NSE: TCS.NS) reported its consolidated financial results according to US GAAP for the quarter ended June 30, 2006.

Commenting on the quarter's performance, CEO and MD of TCS, S. Ramadorai said: "At TCS, the management continues to focus on driving sustainable, robust growth and Q1 has been marked by strong growth in volumes coupled with increasing traction for our new growth engines like BPO and consulting." He added: "Our global Network Delivery Model has been validated by customers who are increasingly leveraging these centers effectively to take advantage of our bouquet of full services on offer."

Big Wins

- A large North American retailer selected TCS as a strategic partner for developing next generation business critical applications in a deal worth over US $50 million.
- A leading European telecommunication operator selected TCS as its Test Strategy partner for the roll out of its next generation network.
- TCS won a 600-person year engagement to provide the Recovery and Resolution Support for Cards, Deposits and Customer Information Systems for a major North American Bank.
- A leading telecommunication service provider in the Middle East engaged TCS to provide an end-to-end CRM solution for its wireless network comprising GSM & 3G services in a deal worth US $33 million.
- A leading financial institution in Canada selected TCS as its transformational outsourcing partner.
- TCS has been engaged by a major healthcare service provider in Asia Pacific for developing a fully integrated healthcare solution.

Growth Engines Update

Asset Leveraged Solutions
- A large French bank went "live" on TCS' NCS for mandatory corporate events for global operations
- Two banks in South Africa successfully deployed NCS' Money Market Settlement system.
- National Bank of Kuwait selected TCS' FNS for core banking
- Two Taiwan banks, Cathay United Bank and Bank of Panshin, selected TCS' FNS for core banking

Business Process Outsourcing:
TCS' BPO achieved impressive wins during the quarter, expanding its domain-based transaction processing services.
- A major US-based pharmaceutical company selected TCS for clinical data management, statistical analysis and medical writing services.
- A leading US office products manufacturer selected TCS to end-to-end F&A BPO services

Infrastructure Services:
- TCS leveraged its Global Infrastructure Command Centre in India to provide 100% off-shore remote Server management, Help desk and Desktop solutions for a leading North American retailer thereby offering significant savings for the customer.
- TCS won a significant deal with a leading global pharmaceutical company to "virtualize" their server environment, optimize enterprise infrastructure and reduce server foot-print.

Assurance Services:
- For a major Retailer in North America, TCS has set up "Point of Sale (POS) Testing Lab" for regression testing.
- A leading technology major in North America has engaged TCS for performing Functional and Regression testing of their high end Storage Devices.

Engineering and Industrial Services
- TCS successfully completed an engagement for a major telecom equipment company in the area of Removal of Hazardous Substance (RoHS).

Global Consulting Practice (GCP)
The GCP continued to have excellent traction with TCS' existing large customers and generated 95% of its revenues during the quarter with existing customers.
- GCP helped a leading European depository evolve into a Service Oriented enterprise and thereby enhance business agility and drive revenue enhancement.
- For a North American Food giant facing high procurement costs, GCP delivered an innovative multi-country sourcing approach that can deliver up to US$35 million annual savings and guaranteed year round raw materials supply.

Human Resources Update
There was a gross addition of 7,095 (net 4,698) employees during the quarter ended June 30, 2006. TCS visited 180 campuses during Q1 and obtained Day 1 slots in 94% of these campuses. 8,710 offers were made on these campuses to suitable candidates for FY08. TCS continued to maintain the lowest attrition rate in the industry at 10.6%.

At the end of Q1, the total employee strength of the company was 71,190, with employees coming from 53 different nationalities. Non Indian nationals formed 7.3% of the total employee base and 25% were women. The company had 50% of their employees with more than 3 years experience.