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April 22, 2009

TCS annual revenue tops $6bn despite weak Q4

Q4 revenue down 5% on year-ago quarter

By CBR Staff Writer

India-based IT services provider Tata Consultancy Services has reported a 17% decline in net income to $263m for the fourth quarter, compared to net income of $316m in the year-ago quarter, on revenue down 5% at $1.43bn.

Operating income grew 1% to $340m, while EPS fell 16% to $0.27. The company added 36 new clients and closed five large deals during the quarter. Geographically, Americas accounted for 57.2% of the total revenue, EMEA accounted for 30.7%, and Asia Pacific accounted for 12.1%.

For fiscal 2009, the company reported a 10% decline in net income to $1.12bn compared to $1.25bn a year ago, on revenue up 7% at $6.01bn. Operating income grew 12% to $1.42bn, while EPS fell 10% to $1.15.

S Ramadorai, TCS’s CEO, said: In an unpredictable operating environment, TCS delivered healthy topline growth of 23% and crossed the $6bn milestone in revenues. By focusing on operational efficiencies, collecting cash more efficiently and driving an enterprise-wide cost control program, we have improved our profit margins and continue to generate significant cash-flows. Even after the recent cash acquisition, we have cash of nearly INR 43bn ($852m).

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