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MUMBAI, April 19, 2010: 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, 2010.
N. Chandrasekaran, CEO and MD said: “Our ability to react to growth opportunities and execute efficiently has helped TCS deliver a superior performance for the fourth successive quarter. Our volumes have grown and our margins are at near historic highs.”
Commenting on the stellar performance in 2009-10, Chandrasekaran said: “Strong volume growth of 17 per cent during the year has rounded off an exceptional year for TCS. Our sales and execution machine is primed and we have laid a solid platform for growth. There is significant traction for our strategy of full services which together with our global engagement model positions us well for accelerated growth.”
S. Mahalingam, Chief Financial Officer and Executive Director, said: “In the fourth quarter, our focus on superior project execution and efficient utilization of experienced professionals have helped deliver a superior gross margin performance despite strong currency headwinds. Sustained cost efficiencies and treasury management have also helped improve operating margins and net margins sequentially.”
“While FY10 has been a challenging year, we have used this time to improve efficiencies and generate better returns by boosting margins. Our cost base has remained constant and we have leveraged this to support higher business growth. Looking ahead, we will continue our focus on managing costs and efficiencies while ensuring that investments are aligned to capture growth opportunities that emerge across the spectrum,” Mahalingam added.
“In FY10, we have been through an entire business cycle where controlled hiring in the first two quarters gave way to rapid recruitment in the last two quarters. We have made 20,000 campus offers for FY 11,” said Ajoy Mukherjee, Vice President, Head, Global Human Resources. “Our initiatives to provide a holistic professional career for our employees has helped keep attrition rates stable,” he added.
Attrition rates continued to be stable at 11.8% on a LTM basis. Overseas nationals formed over 10,700 or 6.7% of the total employee base with employees from 80 different nationalities. The average age of a TCS employee is 28 yrs; 57% of the workforce has more than 3 yrs experience; and 30% of our workforce are women.
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services 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 160,000 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 2010 and is listed on the National Stock Exchange and Bombay Stock Exchange in India.
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