Outsourcing suppliers give cause to believe the economy is getting back on track

Could it be that the world economy has turned a corner?

India’s biggest IT service provider followed its rival Infosys in reporting strong growth for its latest financial quarter.

Infosys recently announced a 29.6% increase in revenues for its latest financial quarter compared to the same period last year. TCS has now announced a 30% increase. See details here.

Nobody is saying the economy is thriving but it’s certainly better than the recent past.
TCS  said:

– It had an all time high sequential revenue growth of $210m
– All major markets grew in double digit terms with Europe leading the pack
– All industry verticals grew in double digits, highlighting the diversity of the business portfolio and holistic nature of business growth
– Highest ever employee addition with 19,293 professionals added

And here are some of the deals TCS has highlighted:

– One of Canada’s large financial institutions selected TCS as a strategic partner to globally support IT, BPO and Infrastructure Services across all lines of business.
– A Fortune Top 50 healthcare company has selected TCS to be their transformation and technology partner.
– A US based large banking and financial services institution has selected TCS as a strategic partner to achieve best in class technology services across its global locations.
– The Phoenix Group has acknowledged TCS’ success with the ongoing Diligenta transformation program by transferring 1.7 million policies managed by another third party in a multi-year contract worth over £250 million.
– A leading publishing and education services provider has chosen TCS to be their sole provider for supporting and maintaining their global technology platform.
– TCS entered into a multi-year strategic partnership with a leading grocery retailer to drive operational efficiencies and partner in their strategic initiatives through integration of IT, Infrastructure and Shared Services.
– TCS has been engaged by a leading general merchandise retailer based in North America to establish a large centralized assurance centre of excellence to standardize its testing processes and drive productivity across all its business units.
– A state government in India selected TCS to transform its food and civil supplies system.