Ratan Tata Chairman of Tata Consultancy Services (TCS), India’s largest IT services provide, believes that growth for the company remains robust. While addressing the annual general meeting of shareholder he said that going ahead TCS will also look at expanding its market share in emerging market like Latin America and West Asia.
“In terms of revenue TCS was the ninth largest globally and in terms of market cap valuation it is fourth largest,” he added. In terms of market capitalisation, TCS ranked fourth after IBM, HP and SAP globally.
When asked by shareholders if the visa issue is hurting the company and if TCS has been served with any notice by the IT department, Tata said: “We have no visa problem and we have been able to get visa. And as for the Income-Tax notice, we have received no such notice.”
Meanwhile, N Chandrasekaran, the CEO and Managing Director of TCS said that while the visa issue is a concern, it is not as big as its being talked about. “As long as unemployment continues in different markets there will be pressure on visa. But it is not such a a big issue as it is being made out to be. The issue needs to be addressed. We need to plan ahead for onsite engagement either through local recruitment,” he added.
In terms of business environment he maintained that from an overall long term perspective the business outlook is good and TCS will continue to seek opportunities.
