TCS reports consolidated financial results for quarter ended

New Delhi: Tata Consultancy Services (TCS ) reported its consolidated financial results according to Indian GAAP for the quarter ended December 30, 2007.

S. Ramadorai, chief executive officer and managing director, TCS, said: “Our diversified business model continues to sustain the growth momentum despite several external challenges. There is growth momentum across geographies with contributions from all business units. The ability to deliver sustained growth in this dynamic environment requires agility, innovation and flawless execution. We are cautiously confident that our geographical footprint, full service offerings and innovative customer engagement models will help us stay on a growth trajectory.”

S. Mahalingam, chief financial officer, stated: “We are delivering growth without compromising on margins even though the Indian rupee appreciated by 12 per cent over the last one year. The company continues to drive margins through rate and productivity efficiencies and keep a strong handle on costs.”

The company is focused on long-term financial management and TCS improved its operating margins despite a 2.3 percent appreciation in the rupee against the US dollar during Q3. As part of its mature, proactive and comprehensive foreign exchange management program, the company had about $3.1 billion outstanding in hedges at the end of Q3.

N. Chandrasekaran, chief operating officer, TCS, stated, “Big deal wins across sectors and strong traction for our services are providing the growth momentum. We have a strong qualified pipeline across geographies and verticals to sustain our growth. Our investments in Latin America, India, APAC have given us pole position in these emerging markets, while our full services play and global network delivery model drives growth in established markets like USA, UK and Europe.”

TCS