congrats TCS !
Tata Consultancy Services saw sales in Latin America soar by more than 200% to US$160mn in fiscal year 2007, ended March 31, compared to FY06, according to TCS Iberoamerica's head of marketing Abhinav Kumar.
Latin America now represents 4% of the IT services company's global revenues, which hit US$4.3bn in FY07. In the previous financial year, the region contributed 1.9% of global sales. Overall net profits reached US$950mn for fiscal 2007.
Commenting on the reasons for the fast growth in Latin America, Kumar said: "We have done lots of business, we brought several clients in the region, and from Chile we have started to serve some of our global clients in the US and Europe. And also we are offering nearshore services to the US using our infrastructure here [Chile]."
Kumar said most of the company's growth in Latin America is organic, although acquisitions have helped as well. The executive said TCS is constantly looking for business opportunities related to acquisitions, although he had nothing new to announce.
In Latin America, the two most important markets for TCS are Chile and Brazil, which account for nearly 3,600 of the company's more than 5,000 employees in the region.
TCS has over 800 employees in Uruguay where TCS has an offshore center serving Spanish-speaking clients in Latin America and the US.
"Mexico is also important and we have an aggressive plan this year, with several announcements coming up. We also expect to continue strong growth in Chile were we already are serving 70% of the financial [services companies] and banks," Kumar said, adding that the company is also looking to make Chile a platform of BPO services for clients outside the country.
In order to maintain similar growth rates in the region, Kumar said TCS would continue targeting the financial and banking sectors, which represent nearly 42% of global sales, and an even higher percentage in Latin America.
"We will continue focusing on this sector, but we are also looking for growth in other segments. For instance, we have been growing in the telecoms area in Mexico, Colombia and Brazil," Kumar said.