TCS’s revenues and net profits increase in FY 2016
Natarajan Chandrasekaran, TCS
Tata Consultancy Services’ (TCS) full year (FY) 2016 revenues and net profit rose – boosted by growth in its banking, financial services and insurance (BFSI) operations.
Natarajan Chandrasekaran, CEO and MD, TCS, says its core portfolio “performed strongly in a seasonally weak 4th quarter driven by strong volumes led by growth in BFSI, retail and manufacturing sectors”.
In the fourth quarter its BFSI sector had a 3.2% quarter-on-quarter increase, while for the full year (for the period ended 31 March 2016) it was 14.8% year-on-year.
For all of TCS’s operations, it reported an annual FY 2016 revenue of $16.54 billion; a rise of 7.1% and a growth of 11.9% in constant currency. In the same period, its net profit stood at $3.69 billion; an increase of 14.8% year-on-year.
Rajesh Gopinathan, CFO at TCS, adds: “We have invested over $250 million to support organic growth in our digital businesses and in new markets, while maintaining our profitability within our desired range and generated strong operating cash flows as well.”
Sweet in Sweden
Recently, Sweden’s Länsförsäkringar Bank became the first bank in the country to take TCS Financial Services’ Bancs core banking system.
Rikard Josefson, CEO, Länsförsäkringar Bank, says TCS has a “strong track record” and the Bancs system is “very well capable of supporting our ambition of being a digital market leader”.
What a year it’s been
The vendor’s core banking software unit, TCS Bancs, scored a number of deals throughout the last year.
Bank of Bhutan opted to replace its legacy Flexcube core banking system with Bancs. Flexcube is supplied by TCS’s rival, Oracle FSS.
London Mutual Credit Union was a new addition in the UK.
Mercantile Bank in South Africa signed for Bancs to underpin its digital banking overhaul.
