TCS clocks net profit of Rs 1,195 cr for the FY 06-07

Mumbai, Apr 16 (UNI) Beating all market expectations, Tata Consultancy Sevices (TCS), the leading IT services firm in the country, posted a net profit of Rs 1,195 crore (USD 275 mn) for the financial year of 2006-2007.

Total revenue of the company for the year ended at Rs 2,162 crore.

Commenting on another stand-out year for TCS, Company CEO S Ramadorai said ''TCS's robust business model has given us the pole position to capitalise from the strong demand that exsists globally.'' He said the company was planning to open a new development centre at Morocco.

Commenting on the strong financial performance against the backdrop of currency volatility in the market, TCS Chief Financial Officer S Mahalingam said ''To achieve our USD 4 billion in revenues this year and over a billion dollars in operating income, we have excercised several levers in terms of pricing, off shore leverage and cost controls to strengthen profit margins despite a fluctuating rupee.'' The company added 43 new clients and 5,827 associates in this and closed 12 deals of USD 50 million plus during the financial year 2006-07. To further strengthen its market positon globally, the company has also launched a global branding and marketing campaign.

On the human resource front, the company registered a lowest attrition rate of 11.3 percent in the industry. 32,462 employess were added during the year 2006-07.

UNI