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Tata Consultancy Services: Shining Bright Always
Tata Consultancy Services (TCS) is shining bright sitting at the second spot of the list of Most Respected Companies for FY22, a perception-based study conducted by knowledge partner TechSci Research
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In the last MRC rankings published in mid-2022 (for FY21 period), TCS occupied the top position. In the previous two MRC rankings, TCS has consistently occupied the second place.
Riding on the high scores across parameters including trustworthy leadership, corporate social responsibility (CSR) and work culture, among others, TCS has emerged at the second spot. What all factors contributed to its success in FY22? This IT, services consulting and business solutions provider has been partnering with many of the world’s largest businesses in their transformation journeys for more than 50 years. A part of the Tata group and India’s largest multinational business group, TCS has more than 5,92,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of $25.7 billion in the fiscal year ended March 31, 2022.
In rupee terms, TCS posted a net revenue Rs 1,91,754 crore, which translated into 16.8 per cent growth. “Our profitability continued to be industry-leading, with the operating margin at 25.3 per cent, and net margin at 20 per cent. Our earnings per share was at Rs 103.62, growing 16.1 per cent over the prior year. Our cash conversion continued to be very strong, with a cash conversion ratio of 104.2 per cent and free cash flow of Rs 36,985 crore,” Rajesh Gopinathan, CEO & MD said.
FY22 was a significant milestone for TCS as it crossed $25 billion in revenues, registering a strong growth of nearly 16 per cent, adding an all-time high incremental revenue of $3.5 billion. “At our current pace of growth, it is only a matter of time before we double our revenues and hit the $50-billion mark,” Gopinathan said. But for that to happen the company would need to focus on two things — having a more balanced portfolio and greater customer centricity.
Work Culture, CSR & More
According to Chairman N. Chandrasekaran, technology is at its most transformational when combined with the strength of human capital. In FY 2022, TCS employee strength grew to 592,195 with a record net addition of 103,546 employees. "You will be proud of the way your company supported its employees and their families in dealing with the pandemic, including organising what was perhaps the largest vaccination drive in corporate India for employees and families of not just TCS, but also of its extended ecosystem of partners and other group companies," said Chandrasekaran. In turn, TCS employees showed remarkable resilience, loyalty and tenacity in ensuring that the customers are not impacted, despite significant personal challenges. "I salute their spirit," the chairman added.
Commenting on the social initiatives, Chandrasekaran informed the shareholders how TCS, while drawing from the legacy of the Tata group, worked closely with the communities to create equitable, inclusive pathways for all, especially women, youth and marginalised groups. TCS leverages four forms of capital -- intellectual, technological, human, and financial -- to bridge the opportunity gap for people and communities. It invests in basic health and wellness, water sanitation and hygiene, conservation, and disaster relief efforts. Since 2015, TCS has invested $634 million in its community initiatives and empowered millions of people globally, primarily underserved students, minorities, youth, women and elders, to be literate, healthy, educated, digitally skilled, become rural entrepreneurs and gain employment. We wish them all the luck