Strong business volumes drive Tata Consultancy Services’ Q1 performance
Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), the leading IT services, consulting and business solutions firm reported its consolidated financial results according to Indian GAAP for the quarter and financial year ended June 30, 2011.
N Chandrasekaran, chief executive officer and managing director, TCS, said: “Our customer-focused organisation and balanced business model helped us drive growth across all our major customer segments and operating regions in Q1. TCS continues to partner with many customers to help them successfully execute their transformation agendas as well as negotiate a challenging business environment.” He added: “Though we continue to see steady demand flow for our services, the uncertain global macroeconomic environment demands that we adopt an entrepreneurial approach and remain agile to capture growth opportunities as they emerge.”
S Mahalingam, chief financial officer and executive director, said: “By focusing and optimising operations to support our growth, we have been able to limit the erosion in operating margins by using various levers like utilisation and productivity.” He added: “We remain watchful but do not expect the current macro issues to impede business decision-making in those markets.”
Growth in Q1 was balanced and broad-based. Growth across industries was led by hi-tech, retail and BFSI. There was balanced growth across IT and other service lines led by infrastructure, assurance and global consulting services. All markets including the USA and Europe grew alongside growth markets like India and Asia Pacific.
Selected by a large US insurance company as a strategic partner in their initiative to transform their entire personal lines.
Selected by a leading North American bank as strategic partner for providing end-to-end solutions for their wealth management portfolio.
Selected by a large North American bank as its business operations partner for providing BPO services for its mortgages and lending operations.
Selected by a Middle East government organisation to develop their application system and support BPO operations.
TCS BaNCS Corporate Actions was chosen by one of the largest Japanese banking groups for its US operations.
Selected by a leading global pharmaceutical company for quality assurance and process compliance services.
Selected as strategic partner by a leader in the energy products and services market in North America for its application management and development services.
A multi-year, multi-million dollar deal with a leading US healthcare organisation for IT and assurance services for its care delivery and regional business applications portfolio.
Selected as a strategic partner for leading European apparel retailer for application development and testing services.
Selected as the implementation partner for a region under the Restructured Accelerated Power Development and Reform Programme being run by the Ministry of Power in India.
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Business EditorStrong business volumes drive Tata Consultancy Services’ Q1 performance
by Business Editor ( Author at Spirit India )
Posted on July 15th, 2011 at 11:38 pm.
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