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PRESS RELEASE
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MUMBAI, January 15, 2010: Tata Consultancy Services (BSE: TCS.BO, NSE: TCS.NS) reported its consolidated financial results according to US GAAP for the quarter ended December 31, 2009.
TCS CEO and MD, N Chandrasekaran said: "TCS yet again posts high growth and delivers on margin improvements for the third successive quarter in this difficult year. Our investments ahead-of-time in emerging markets, multiple industries and client relationships is reflected in our exemplary performance." He further added that "this validates the strength of our business model and highlights our differentiated strategy."
S. Mahalingam, Chief Financial Officer, said: "We have continued to leverage all the margin improvement levers very effectively to deliver growth with higher profitability. This has been achieved in-spite-of significant currency head-winds".
Superior market presence helped TCS leverage the global economic recovery, and post sequential growth across all operating regions. While US continues to lead demand recovery, UK & European firms are increasingly beginning to invest for the upturn. APAC and India are seeing strong demand driven by growth in sectors like Energy, Utilities, and BFSI.
TCS recorded positive business growth across all verticals, continuing its leadership position across a wide range of industry segments. Demand recovery that started in the BFSI segment has now become more broad-based, with Telecom and Technology also posting healthy growth. Strong client additions supported above-average revenue growth in the Energy and Utilities space.
Improving market sentiment also reflected in above average growth in the Enterprise Solutions segment. TCS financial products group BANCS also continued to do well on the back of strong client additions through the year. All other service lines also posted positive growth. The growth momentum is also reflected across the portfolio of clients with 32 new client additions, growth in the number of active clients and additions of 7 clients in USD 5 M+ bracket.
"We have had significant employee additions this quarter and still, have increased our talent utilization to industry leading levels. We remain prepared to meet the growth in demand." said Ajoy Mukherjee, Vice President, Head, Global Human Resources.
During Q3, there was a gross addition of 12,854 employees (net addition of 7,692). The utilization rate improved to 81.1% (excluding trainees) and 77.2%(including trainees). The attrition rate in Q3 was at 11.5% with attrition in IT Services at 10.8%% and BPO at 18.3%.
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 140,000 of the world's best trained IT consultants in 42 countries. The Company generated consolidated revenues of US $ 6 billion for fiscal year ended 31 March, 2009 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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