India's number one tech company Tata Consultancy Services ( TCS ) is optimistic on the road ahead. The firm held its annual general meeting today. The chairman of Tata Sons Cyrus Mistry was in attendance and was upbeat about the company's growth prospects.
Here are the highlights from the TCS AGM:
- Revitalisation of the global economy continued this year
- Growth momentum to be carry forward in FY15
- Indian industry grew at 8.8% in dollar terms
- TCS delivered growth of 16% in dollar terms in FY14
- Total dividend of FY14 is Rs 32/ share
- New service lines growing at a faster pace
- Consulting srvcs , digital & engineering service showing traction
- Discretionary projects from India got delayed due to elections
- Economy doing well; both in India and overseas
- Dividend has been reasonably generous this year
- Income from sale of software licences decreased due to SI biz
- Alti acquisition will help expand significantly in France
- Attrition rate has increased in overseas subsidiaries
- Overseas attrition rates are however still within control
- Assets of TCS Morocco are under liquidation
- Acquisitions will depend on independent requirements in new geographies
- Remain confident that FY15 will bring greater growth opportunities
- TCS working to bring a diff to customers
- Mobility, big data, cloud computing & robotics will change the IT paradigm
- Invested in these new growing businesses
- Performance over the last decade shows ability of co to adapt to change
- Expanded our delivery centres this year
- Launched new campus of 10,000 ppl in Gandhinagar
- Continued growth momentum in terms of revenues & profits
- Implemented growth across mkts, industries & srvc lines
- Deepened its performance and relationship with all strategic customers
- Number of customers giving repeat business has increased
- Co strategy of full services is deeply appreciated by clients
- Biggest investment going in the area of digital
- See huge shift towards digital tech in next few years
- Constantly working to adapt to changing customer needs
- Digital re-imagination is our cos offering to customers & governments
- TCS stands 6th in revenue in global IT industry
- TCS stands 2nd in mkt cap in global IT industry
- TCS Morocco being liquidated since co wasn't showing growth
- Needed to meet loan obligations & hence liquidated co
- Latin America, Africa, APAC key new growth mkts
- De-merging subsidiaries is an on going process
- No immediate plans to de-merge any subsidiary
- Committee within he company decides hedging policy
- No major change in hedging policy
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