In Tata Consultancy Services (TCS) reported its consolidated financial results according to IFRS for the quarter and financial year ended March 31, 2012.
The company became the first Indian IT company to cross the ten billion dollar milestone, posting annual revenues of $10.17 billion.
Commenting on the 2011-12 performance, N. Chandrasekaran, CEO and MD, said: We have carried our strong momentum through the fourth quarter to close out a year of strong growth. We have kept our focus on profitability and consolidated our market leadership. With our customer-centric approach, strong solution set and investments in game-changing technologies like mobility, big data and cloud, we remain well positioned to help our customers transform and drive growth in their businesses.
S Mahalingam, Chief Financial Officer and Executive Director, said: We have grown very well during 2011-12 and also been able to exit the year at the right margin levels, despite the marked increase in volatility during the past 12 months. He added: Our focus is firmly fixed on the opportunities out there. So while maintaining our cost discipline at an operational level, we continue to invest in capacity and capability as we prepare for growth ahead.
There was secular growth across markets and industries during the financial year. North America grew by 29.6% to cross $5 billion while Europe, including United Kingdom, grew by 33.8%. All industry verticals grew in double digits during FY12.
TCS full services capabilities continue to be leveraged by customers with new service lines growing at a fast pace - Infrastructure Services, Enterprise Solutions and Business Process Outsourcing service lines each clocked more than $1 billion in revenues in 2011-12. All other service lines also grew by double digits.
As of 31 March 2012, the company has applied for 855 patents and has been granted 72 patents.
We have successfully undertaken the largest ever hiring effort in our history by adding and integrating 70,400 professionals during 2011-12. With business demand continuing to be robust, we have made 43,600 offers on campuses for trainees to join us from the second quarter of this fiscal year, said Ajoy Mukherjee, Executive Vice President and Head, Global Human Resources. Our efforts to increase retention by engaging with our employees and offering them a progressive career path are paying dividends with attrition rates falling further to 12.2 per cent.
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