Tata Consultancy Services Limited : Tata Consultancy Expects Strong Growth In Financial Services Business
05/25/2012| 05:39am US/Eastern
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Tata Consultancy Services Ltd. (532540.BY) is confident that growth in its financial services segment in this fiscal year will be around last year's 21%, despite concerns about the sector facing a slowdown in a volatile global economic environment.
"It's all looking good. We are not seeing any project cancellations or rampdowns," N. Ganapathy Subramaniam, head of TCS' financial services business, told Dow Jones Newswires recently.
The pipeline of deals is as strong as what it was a year ago, when global businesses accelerated investments on the expectation of a strong global economic recovery, Subramaniam said.
Financial services accounted for more than 40% of TCS' around $10 billion revenue in the fiscal year ended March 31.
Subramaniam said also that TCS is chasing two deals with insurance companies in Canada and the U.S. While he didn't give the value of the deals, he compared them with a $2.2 billion, 15-year order that TCS received in November from British pension and insurance services provider Friends Life.
Subramaniam's comments back statements by TCS, India's largest software exporter by sales, that it continues to see robust growth overall amid industry-wide pessimism.
--By Dhanya Ann Thoppil, Dow Jones Newswires; +91-9886929464; dhanya.thoppil@dowjones.com
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