April 18, 2006 1:07 PM PDT
India's TCS continues hiring spree
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The Mumbai, India-based IT services provider added 21,140 new employees in fiscal 2006, which is significantly higher than its initial projection of 13,500. The information technology giant currently has more than 62,000 employees in 34 countries.
In a statement on its full-year earnings, TCS said it plans to add more than 30,000 to its head count over the next 12 months. The recruitment forecast is an increase of more than 44 percent over the actual number of new employees hired last year.
In the statement, TCS reported that compared to fiscal 2005, net income for fiscal 2006 ended March 31 jumped 41.2 percent to $649.2 million. Revenue grew 36.3 percent over the previous year to nearly $3 billion.
Girija Pande, TCS' head and regional director for the Asia-Pacific region, told ZDNet Asia on Tuesday that the region's growth is comparable to that of the company's worldwide growth.
Pande added that TCS has "ambitious growth rates" for the region but declined to give further details. He revealed, however, that TCS plans to grow its head count in China from its current 400 to almost 6,000 in the next five years. "We want to create in China a mini TCS," he noted.
Pande also confirmed that the joint-venture company, formed together with Microsoft and three Chinese companies, is on track to start operations in Beijing this June.
Other regional projects in the pipeline for TCS include the launch of a new global-delivery center in Singapore by July, which will focus on banking technologies.
According to Pande, customer traction in the region is strong in Australia, China and Japan, and TCS' acquisitions have begun to bear fruit. For example, Financial Network Services, a Sydney, Australia-based banking software provider, secured major wins between January and March this year, he said.
Vivian Yeo reported for ZDNet Asia.