Tata Consultancy Services Reports Full-Year Growth
SINGAPORE -- Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions firm reported its consolidated financial results according to IFRS for the quarter and financial year ended March 31, 2017.
Commenting on FY17, Rajesh Gopinathan, CEO and MD said: “FY17 was a year of broad-based growth amidst economic and political turbulence in our key markets. We added $1.4 billion dollars in constant currency revenues during the year and increased our digital revenues sharply as we helped our customers leverage the Digital economy. Our digital business grew at 29% annually with most industries showing double digit growth as we steadily increased the number of customers across different revenue bands.”
Mr. Gopinathan added: “Our clients are looking for integrated offerings as they advance their Cloud agenda and we have a solid pipeline of deals across markets and industries. On the back of digital adoption, Agile, Automation and Cloud are the themes that we are going to market to drive efficiencies and predictable outcomes across our clients Infrastructure, Applications and Business Operations.”
N. Ganapathy Subramaniam, Chief Operating Officer & Executive Director, said: “Technology is driving different industries to rapidly evolve in new, uncharted ways. To stay relevant, enterprises have to go full on digital, stay agile and delight customers with a superior always-on experience. Our contextual knowledge of the customer’s business combined with our Digital talent and our unparalleled execution on the ground positions us to play a strategic role to help them transform and grow.”
V. Ramakrishnan, Chief Financial Officer, said: "Despite headwinds from currencies, we have ended FY17 with an industry-leading financial performance while generating strong cash flows. We continue to invest to support organic growth of our digital business, build new market segments and drive profitability in our targeted range.”
The financial year 2016-17 saw broad-based growth across markets with all industry verticals except BFSI, Retail and Hi-Tech growing in double digits. All markets grew in FY17 in CC terms. Among major markets, Europe grew in double digits (13.6%) and crossed $2 billion milestone in revenues followed by North America (7.6%) and UK (6.1%). Among growth markets, MEA (14.8%) and Latin America (14.1%) led the way while India grew at 10.1% and APAC at 5.7%.
Among service lines, Enterprise Solutions and Consulting crossed the $3 billion and Business Process Services crossed the $2 billion revenue milestones respectively. Driven by IoT and Industrial Internet solutions, Engineering services led the way with 17.4% growth during the year while Infrastructure Services grew at 16% followed by Assurance services with 12.5% growth and BPS with 10.4%.