TCS becomes India''s first global billion-dollar software company

Mumbai: Tata Consultancy Services (TCS) has announced revenues of Rs 5,012 crore ($1.04 billion) for the financial year 2002-03 as compared to revenues of Rs 4,187 crore in the previous financial year.

TCS has registered a growth of over 20 per cent in the financial year, which is higher than the overall industry growth of 18 per cent for the year. Further, TCS added over 4,763 employees in FY 2002-03, which is also the highest in the industry, as compared to 3,101 recruitments last year.

Currently TCS has over 24,000 professionals working in the largest network worldwide — in over 100 branches in 32 countries and five continents. TCS has the distinction of being India's largest software exporter consecutively for the last 30 years.

Says TCS chief executive officer S Ramadorai: "Last year we announced that TCS will become a billion dollar organisation and today we are glad to announce the development. This principle of sticking to our commitment has been fundamental to the organisation's success for over three decades. This is a moment of pride for each one of us at TCS.

"We are extremely proud of this milestone which is a significant step towards our vision of 2010, of being among the top 10 IT consulting companies globally. Consolidating our leadership position is of fundamental importance to the organisation. We will continue to focus on our core competencies, training of employees, increasingly leverage our assets and continue investments in research and development."

TCS provides innovative and best-in-class consulting, IT solutions and services to help its customers achieve their business objectives. A cumulative experience of more than 1,00,000 person years across diverse technology areas and business domains enables TCS to offer end-to-end consulting and IT solutions and services to more than 1,000 clients, across 53 countries.

TCS' recent achievements

• Significant development in the business process outsourcing (BPO) segment with the acquisition of Airline Financial Support Services (I) Pvt Ltd (AFS).
  
• State Bank of India chose TCS for some of the biggest domestic projects in the Indian IT industry, including the implementation of core banking solutions.
  
• As a part of its globalisation strategy, TCS set up new global development centres in Hangzhou in China, Yokohama in Japan, and Guildford in the UK. It also opened a new office in the state of Buffalo, USA.
  
• Acquisition of additional acres of land for training and development in Thiruvananthapuram and expansion in Chennai.
  
• After successful completion of the multimillion-dollar turnkey development project CDSX for the Canadian Depository for Securities (CDS) TCS has been awarded a new contract by CDS to support and maintain the CDSX system for the next five years.
  
• TCS signed a mega-agreement with Toyota Financial Services to take over IT system maintenance for its operations in the US.
  
• Recent recognitions include the Banker Technology Award 2003 for CDSX developed for CDS, the Lotus Beacon 2003 Award from IBM for the SmartGov Solution for the Andhra Pradesh government, and the best IT Consultant (Asia-Pacific) for the year 2002-03, from Global Finance.
  
• CEO S Ramadorai has also received several honours as a recognition of his as well as TCS' global leadership status in the industry, notably the Asia Business Leader Award, 2002 and the Management Man of the Year from the Bombay Management Association. He was also ranked among of the top 25 most influential consultants in the world by Consulting Magazine, USA, and is a honorary IT consultant to the city of Qingdao, China.