TCS first Indian IT company to cross Rs 1 billion turnover mark

Tata Consultancy Services (TCS) has become the first Indian IT company to cross the billon mark. While the company is expected to announce its results in a day or two, sources disclosed that during FY 2002-03 the company has posted a total revenue of Rs 5100 crore, up from the previous year´s Rs 4187 crore ($880 million).

The year also saw TCS increase its manpower strength substantially from 21,224 during March 2002 to 25,000 at the beginning on this month, 5000 of them being deployed onsite.

However, the company could not hold back its sliding growth-rate triggered by a significant fall in billing rates and the tough market conditions. The company could grown only 21.8% in 2002-03 over the previous year, compared to 33% growth achieved in 2001-02. In 2000-01, the growth was 55% over the previous year.

According to company sources, the Asia´s largest software and services consulting company is now aiming to achieve the $10 billion mark by 2010.

A division of Tata Sons Limited, TCS offers products and services in architecture and technology consulting, engineering services, e-business, application development, security, large projects, consulting and infrastructure development, across verticals such as banking, financial services, insurance, retail and distribution, telecom, manufacturing, transportation, life sciences and healthcare, government and utilities. The company has over 1,000 global clients including eight of the US Fortune 10
companies.

RAHUL GUPTA

MUMBAI  (CNS)