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Back to all TCS Financial Solutions announcements

TCS financials: $5.7b revenues & passes $1billion in the UK

Tata Consultancy Services (BSE: TCS.BO, NSE: TCS.NS), the leading IT services, business solutions and outsourcing firm reported its consolidated financial results according to US GAAP for the quarter and financial year ended March 31, 2008.

Highlights for Quarter Ended March 31, 2008

• Total Revenues at US $ 1.52 billion; up 28.36% Y-on-Y and 1.11% Q-on-Q
• Net Profits at US $ 313 million up 16.07% Y-o-Y and (- 7.25%) Q-on-Q
• 53 new clients added in Q4
• 6921 associates added in Q4
• Closed 6 $50m-plus deals in Q4

Commenting on the strong performance in 2007-08, S. Ramadorai, CEO and MD said: “We are extremely satisfied with our annual performance. Our full year results reflect a validation of our strategy and robust business model that has helped us deliver strong growth rates again on an ever increasing base and in a difficult and challenging environment.” He added: “We will deliver sustained, profitable growth in the next financial year, helped by a new, agile customer-centric organization structure that adds value to our clients and employees.”

S. Mahalingam, Chief Financial Officer and Executive Director, said: “This has been a year where we have made significant investments to diversify our revenues and grow in new markets as well as develop new solutions and services. We have also invested to build new delivery centers in India, US, Mexico and Morocco. He added: We have been able to retain net margins at 22 per cent, despite challenging external circumstances through prudent financial and treasury management and in a scenario where the rupee has appreciated 11 per cent, our cost of revenues remains at the same level as last year.”

N. Chandrasekaran, Chief Operating Officer and Executive Director said: “TCS continues to gain traction for its superior full services capabilities backed by our global network delivery model. Our significant deal wins in the last few quarters across sectors and markets and a healthy deal pipeline will drive our ramp ups to deliver growth next year. In addition to the major markets, we are also well positioned to deliver growth in new growth markets like Asia-Pacific, India, Middle-East and Latin America.”

TCS continues to invest in building its global brand around its brand promise of “Experience Certainty”. “The TCS brand has got greater visibility across markets since the launch of our brand campaign last year. We continue to invest in building our brand across markets globally and espouse our proposition of certainty which is being fully endorsed by our customers,” said Phiroz Vandrevala, Executive Director and Head, Global Corporate Affairs.

Human Resources Update:

At the end of the financial year of 2007-08, TCS’ total employee strength stood at 111, 407 with a gross addition of 35,672 employees and a net addition of 22, 116 employees. In Q4, there was gross addition 6,921 and a net addition of 3,299 employees.

TCS continued to maintain the lowest attrition rate in the industry at 12.6%. Overseas nationals formed 9.1% of the total employee base with employees coming from 62 different nationalities. 28% of all employees are women.

The company has made 22,451 campus offers for 2007-08 including over 4,000 science graduates for its pioneering science-to-software transformation program, Ignite.

“During this fiscal year, we have inducted, trained, integrated and absorbed 35,000 people, which highlights our global recruitment and training expertise in handling talent and provides an important competitive differentiator for us,” said Ajoy Mukherjee, Vice President, Head, Global Human Resources.

Key Wins
• Large, multi-year contract with one of the largest automotive OEMs to deliver ADM services as part of the customers strategic sourcing initiative by leveraging TCS’ Global Network Delivery Model™.
• Deal worth £150 million (over $300 million) to provide full range of IT services and transform the legacy systems for UK-based Insurance services provider.
• One of the world’s telecom equipment companies has selected TCS to provide Product Engineering and R&D services for its Operations and Business Software business unit in Europe in a deal worth $ 70M.
• Deal worth $100 m for application development outsourcing with a leading UK retailer.
• Deal worth $100 million for providing ADM services to one of the largest water utility company in UK

• Partnered with a large Investment Adviser company in UK, to provide consulting, IT, infrastructure and Business Processing Outsourcing (BPO) services in a contract valued at $ 60 million.

• A Ministry of Finance arm responsible for Infrastructure Management Services chose TCS, for creation and running of the Data Centre.

• Awarded the design & implementation of SAP Financials and HR for 135,000 users across over 2,000 institutions within Department of Education & Training (NSW), Australia.

• Won a multi-million dollar contract for a large BFS company in US to maintain and enhance their core mainframe systems.