Tata Consultancy Services (TCS), India’s largest software company, expects to double its revenue from the country in the next three to four years, a senior executive has said.
Less than a tenth of total TCS revenue comes from India.
“India is one of our focus markets, where we have crossed $500 million in (annual) revenue. Our India business has been growing in double digits for the last few years and we expect to continue this, as IT spending in the country is expected to rise further,” said N Chandrasekaran, executive director and chief operating officer of the company.
India contributed close to 8 per cent to the company’s Rs 27,813 crore turnover in fiscal 2008-09. It has significant presence in financial services, with customers like the Bombay Stock Exchange, the National Stock Exchange, National Securities Depository Ltd and Clearing Corporation of India. The company claims about 15 private insurance companies in India have deployed its products. Energy, utilities and telecom are expected to provide new opportunities in India, according to the company.
“We have a healthy pipeline of deals in the Indian market. However, since this is election time, things will be clear once the new government takes charge,” he said. TCS has close to 12,000 people who have been working exclusively for clients in India.
Other than India, Chandrasekaran said, the company was also expanding its footprint in other developing markets, including Latin America, West Asia and the Asia Pacific region. The company gets about $1.1 billion revenue annually from developing countries.
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“It’s important for us to create critical mass in these geographies by reaching a certain size and winning local customers. We also need to have local delivery capabilities in these geographies to service the clients onsite, what we have acquired already to a certain extent,” said Chandrasekaran.
In the wake of the global economic crisis that had affected IT spending in markets like the US and Europe, many Indian software companies, including Infosys and Wipro, are turning their focus on the domestic market.