Tata Consultancy Services (TCS), India''s largest software services company,
has been ranked among the world''s top 10 profitable firms by BusinessWeek
magazine. TCS also ranks 23rd among world''s 100 leading IT companies.
was the only Indian company ranked among the top 10 most profitable companies
with a return on equity of 46 per cent, a TCS release said.
TCS, which went public in 2004, has been growing rapidly with 41 per cent rise
in revenues at $4.3 billion for the fiscal year ended March 31, 2007.
has the largest network of delivery centres outside of India among all Indian
firms. In Latin America alone it employs more than 5,000 people, most of them
locals, and it just announced a new service delivery centre in Mexico.
is focused on delivering the best results for our global customers. This recognition
from BusinessWeek is testament that our dedication to customers is helping
to fuel our global growth and success, TCS CEO and MD S Ramadorai said.
results are to be seen against a strong rupee that has helped curb profitability
of IT firms in the country.TCS said the rupee''s appreciation against the dollar
will erode earnings as almost all of the company''s sales are generated overseas.
concerned,'''' Ramadorai said in an interview in Mumbai. "The way the rupee
drastically appreciated in the last couple of days is definitely of concern."
and local rivals, including Infosys Technologies Ltd., may post slower growth
in profit and sales this year as an appreciating rupee reduces the value of earnings
from the US, their biggest market.
hopes to offset the fall in profitability by raising rates charged to clients
for managing computer networks, Ramadorai said.
which gets almost 91 per cent of its sales from overseas, has a pipeline of orders
that''s `fairly strong'', Ramadorai said. The company is in talks for 10 new orders,
and three to four contracts will be renewed soon.
expects the central bank to curb gains and weaken the currency to Rs43 to Rs43.50
to a dollar in six months from 41.74.
company reported fourth-quarter profit rose 47 per cent, less than analysts expected,
as an appreciation in the rupee eroded the value of overseas sales.
income climbed to Rs1170 crore ($280 million) for the three months ended 31 March
from Rs796 crore a year earlier, the company said in a statement on its web site.