'TCS unaffected by rupee appreciation'

Mumbai, Dec 13: Leading software exporter Tata Consultancy Services (TCS) today said it was largely unaffected by the rupee appreciation through hedging and proper product pricing.

''We have managed our business very well through a three-pronged approach. We had already kept our estimates for rupee at Rs 39.5 to a dollar on short term basis,'' TCS Executive Director and CFO S Mahalingam stated on the sidelines of a CII Corporate Governance Conference here. Elaborating, Mr Mahalingam said the company had put 2 billion dollarsfor hedging along with proper pricing of products and in the last quarter, TCS earned 43 per cent of its overall revenues from offshore business.

The company currently has 12 contracts of which the largest order was of 50 million dollars , he said, adding that banking, financial services and insurance continues to be a powerful vertical for TCS.

When asked about the impact of US Fed Reserve's decision to cut interest rates by 0.25 per cent, Mr Mahalingam said the industry had already factored in a cut and was not affected by it in a big way.

UNI