TCS has reported strong consolidated financial results for the quarter ended September 30, posting a 17.69 % increase in year on year revenues to $3.1 billion in H1. Its Q2 revenues were also impressive, with a 14.74% year on year increase to $1.57 billion.

Mr Ramadorai, TCS CEO and MD, commented: “Our growth has been balanced across markets and verticals with a 9.5 per cent sequential growth in our international business during Q2 and we have improved margins significantly. New opportunities are emerging and there are signs that our services will play a significant part in the global economic recovery. Our acquisition of Citigroup Global Services will provide another driver for growth.”

TCS’s success in the BFSI sector continued to register positive growth despite unprecedented volatility and uncertainty in the global financial markets. The Manufacturing and Retail verticals grew as large transformation deals ramped up, while the Travel, Energy and Media verticals gained traction in new markets. While outsourcing services continued to enjoy strong demand across major markets, traditional application development and maintenance opportunities gained futher prominence in the current economic climate. The engineering services sector continues to experience strong demand across all markets.

Commenting on the reasons behind TCS’s good performance Mr Chandrasekaran, Chief Operating Officer, explained: “Our business model is resilient and we have demonstrated this in Q2 through volume growth, improvement in our offshore leverage, pricing, productivity as well as over 50 new client wins. We have a robust pipeline even in the current environment and our diversified market presence and full services will drive growth in the future.”