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Easing tax regulations, shifting focus from regulatory regime and digital technology are the key drivers for the TCS’ impressive performance in Banking, Financial Services and Insurance (BFSI) sector, said K Krithivasan, BFSI group head, Tata Consultancy Services, here on Tuesday.
“There is a shift from compliance to growth mindset,” said Krithivasan, adding that regulatory and compliance pressures and internal focus on cost optimisation were hitherto taking banks’ focus from growth.
TCS recorded a net profit of ₹7,340 crore, at a growth rate of 6.3 per cent from previous quarter and a revenue growth of 6.8 per cent on quarterly basis to ₹34,261 crore with BFSI sector contributing around 40 per cent of the total revenue. The sector recorded a growth of 4.1 per cent on a yearly basis and 3.7 per cent for June quarter majorly from the North-American region.
“Over 2.7 lakh employees are digitally trained and we are in the process of training the rest of the employees,” said Ravi Viswanathan, Chief Marketing Officer, TCS.
TCS, which has 4 lakh employees, saw its digital revenue grew by 44.8 per cent on a yearly basis contributing up to 25 per cent of the total revenue.
“We took the position that we will invest in creating digital skills, which we call it organic growth strategy” Viswanathan said, adding that customers are seeing the results of ‘Business 4.0’, a thought leadership framework launched by TCS in the second quarter to leverage on digital technologies to help customers.
Commenting that Chennai has been the bedrock for all operations of TCS, Viswanathan said, “We have made investments in our Digital Labs in Chennai, Siruseri campus across all verticals like Banking, Retail etc.”
He also added that the company is recognised as one of the third largest brand in IT services and fastest growing brand valued over $10 billion.
Suresh Raman, Head, TCS Chennai operations, said the Chennai region that comprises 20 per cent of the work force of the company focusses on providing BFSI, retail and telecom services and contributes about 20 per cent of the company’s revenue.
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