Fri. Apr 26th, 2024

Being the largest Indian company by market capitalisation, Tata Consultancy Services  (TCS) has, now, achieved the rank of world’s third largest software services provider in terms of revenue.

The rank was previously held by US-based DXC Technology and at present, TCS only lags behind International Business Machines Corp. and Accenture Plc, as reported by Mint. 

TCS financial results for FY18 were comparatively better than DXC, and hence, the Mumbai-based firm bagged the new tag. Also, TCS, already is India’s largest software exporter company.

“TCS continues to remain open and hungry for acquisitions and is scouting for assets that could bring in intellectual property and widen market reach to further accelerate growth. But TCS will now have to double its revenue to fight it out with Accenture over its globally acclaimed second rank,” said N Ganapathy Subramaniam, chief operating officer of TCS.

TCS had reported a 18.5% rise in March quarter revenues to Rs 38,010 crore, from Rs 32,075 crore in the corresponding period in FY18.

The Tata Group’s flagship company continues to remain bullish about growth after posting its strongest revenue growth in the last 15 quarters.

In April, TCS had reported dollar revenue of $20.91 billion for FY19, a jump of 9.6% year-on-year.

According to the company, the incremental revenue stood at $2.2 billion in constant currency (CC) terms. In comparison, DCX reported revenue of $20.75 billion for the fiscal, down 4.5% year-on-year.

TCS, in fact, is way ahead in terms of net income for FY19, $4.5 billion against $1.26 billion for DCX. It is also far more profitable than its peers, with its FY19 operating margin pegged at close to 26% against 15.8% for DXC and 13-14% for Accenture, reported by CNBC TV18.

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