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TCS was selected by Israel’s Ministry of Finance to build a banking service bureau, a shared, plug-and-play, digital banking operations platform to help startup banks launch very quickly.
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Apart of the Tata group, India’s largest multinational business group, TCS boasts of more than 448,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of $22 billion in the fiscal year ended March 31, 2020.
In FY 2020, TCS delivered revenues of Rs 156,949 crore, growing at 7.2 per cent compared to the previous year in reported terms, and at 7.1 per cent in constant currency terms. The company’s operating margin continued to be the best in class, at 24.6 per cent. In FY20, TCS clocked a net profit of Rs 32,340 crore, a net margin of 20.6 per cent. “Our cash conversion continues to be very strong, with a cash conversion ratio of 100.1 per cent and free cash flow of Rs 29,281 crore,” said Rajesh Gopinathan, CEO & MD, TCS.
The TCS Board recommended a final dividend of Rs 6 for the year, bringing the total dividend payout for the year to Rs 73 per share or Rs 31,895 crore overall, which accounted for 108.9 per cent of the free cash flow of the company
“We had a very productive year, engaging with customers in their innovation, growth and transformation initiatives, expanding and deepening our relationships, deploying very impactful solutions, and winning some of our largest deals till date. However, it is our response to the events of the last ten days of the fiscal year that will be our most defining accomplishment of FY 2020,” said Gopinathan addressing the shareholders in its latest annual report.
Today, TCS has 49 customers who spend more than $100 million a year because the trust levels are so high. “In the case of one UK insurance customer, TCS and the transformational work we are doing for them have figured in the CEO’s letter to their shareholders every year for the last three years,” said Gopinathan.
In FY20 TCS had rolled out the Secure Borderless Workspaces model in response to the lockdowns, enabling over 90 per cent of the workforce to securely work from home. The model leveraged all prior investments, and incorporated best practices around network management, an internal SOC, a standard service delivery environment, digitised delivery governance processes, and use of cloud-based collaboration technologies.
Also, Israel’s first fully digital bank signed up as the first customer of TCS’ Banking Service Bureau. TCS was selected by Israel’s Ministry of Finance to build a banking service bureau, a shared, plug-and-play, digital banking operations platform to help startup banks launch very quickly.
AWARD-WINNING COMPANY: The company was ranked Overall Best Managed Technology Company in Asia in FinanceAsia’s 2020 Asia’s Best Companies survey of investors across the region. It was also ranked at the top position for Best Environmental Stewardship and Most
Committed to Social Causes, and stood at the second spot in Best Corporate Governance and Best Investor Relations, while securing the third spot among the Best Managed Company in India.
TCS also helped India Post transform into a multiservice digital hub having a modernised mail delivery system and also helped it launch innovative services that drive new revenues. The new system, according to TCS, connects more than 150,000 post offices, and processes over 3 million postal transactions a day. Additionally, TCS implemented a POS solution across 80,000 POS terminals, making it one of the largest such implementations in the world.
“By staying true to its purpose and its values, and helping its employees, customers and communities use the power of technology to realise their potential, TCS is the embodiment of stakeholder capitalism in the true spirit of the Tata ethos,” said N. Chandrasekaran, Chairman, TCS.