TCS crosses $10 billion milestone
Tata Consultancy Services (TCS) has reported its consolidated financial results according to IFRS for the quarter and financial year ended March 31, 2012. The company became the first Indian IT company to cross the ten billion dollar milestone posting annual revenues of $ 10.17 billion.
N. Chandrasekaran, CEO and MD said, "We have carried our strong momentum through the fourth quarter to close out a year of strong growth. We have kept our focus on profitability and consolidated our market leadership." He added: "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. TCS is well prepared to achieve balanced growth across the industries and markets it operates in, given its holistic portfolio of services which are now achieving significant scale across markets."
S Mahalingam, Chief Financial Officer & Executive Director said, "We have grown very well during 2011-12 and also been able to exit the year at the right margin levels, despite the marked increase in volatility during the past 12 months. Our focus is firmly fixed on the opportunities out there. So while maintaining our cost discipline at an operational level, we continue to invest in capacity and capability as we prepare for growth ahead."
There was secular growth across markets and industries during the financial year. North America grew by 29.6% to cross $5 billion while Europe including United Kingdom grew by 33.8%. All industry verticals grew in double digits during FY12.
Ajoy Mukherjee, Executive Vice President, Head, Global Human Resources said, "We have successfully undertaken the largest ever hiring effort in our history by adding and integrating70,400 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. 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."
High utilization rates have been maintained in the fourth quarter with utilization excluding trainees at 80.6 per cent, while utilization including trainees was at 71.3 percent. The overall attrition rate was lower at 12.2% with IT attrition at a low of 11.05 per cent and BPO attrition at 21.6% on a LTM basis. The campus hiring process in India has been completed for FY12.
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