Tata Consultancy Services (TCS) may have lost a few of its key staff to other vendors in 2009, but it seems that staff turnover didn’t affect financial turnover for the quarter ending 31 December: the vendor experienced a 10.3% increase in revenue on the previous year’s figures. The vendor’s revenues were at US$1.64 billion for the quarter and net profits increased on the previous year’s figures by 38.9% to US$384 million.
Of course, TCS’ business is not entirely from the financial services sector and CEO and managing director, N Chandrasekaran, reckons this diversified customer base may be why it performed so well. “TCS yet again posts high growth and delivers on margin improvements for the third successive quarter in this difficult year. Our investments ahead of time in emerging markets, multiple industries and client relationships is reflected in our exemplary performance,” he explains.
The total number of new clients across all of its business areas was 32 by the end of the year, although only a small percentage of these were for the vendor’s corporate actions solution. The vendor announced in September that it had upgraded its B?NCS platform, which underlies all of its capital markets solutions including its corporate actions offering: TCS B?NCS for Corporate Actions. The vendor bagged three new clients for the year for the solution and, according to Chandrasekaran, is hopeful that 2010 will see many more signing up.
The news for the year was not all good, however, as the vendor lost a couple of its executives: one to corporate actions solution rival Information Mosaic and another to Swift.
Consultant Manmohan Singh left to help Information Mosaic establish a new office in India, bringing with him his management team in order to establish the new development facility for the vendor in New Delhi. Ex-head of TCS’ global consulting practice, Arun Aggarwal left to become Swift’s new managing director for the UK, Ireland and the Nordics.