TCS displaces Accenture as the largest IT firm servicing banks
NEWDELHI:TATA Consultancy Services (TCS) Ltd’s quarterly earnings from the financial sector have edged past that of Accenture Plc which is nearly double its size, making the Mumbaibased company the world’s largest pure-play information technology and consulting firm servicing mega banks and insurers.
Financial services sector is the largest buyer of services and solutions from IT and consulting firms, and in the last decade, Accenture has managed to retain its dominance of the sector.
During the July-september period, TCS got $2.07 billion in business from banking, financial services and insurance or BFSI sector. This included $1.63 billion from work across application development and maintenance work and other traditional solution offerings, and $445.9 million from its proprietary platforms like TCS ION.
Accenture, which follows a September-august financial year, got $2.01 billion in business from banking and insurance customers in the June-august period.
Put another way, TCS’S BFSI vertical, if carved out as an independent unit, will be larger than the India’s third largest IT services firm, HCL Technologies Ltd, which ended with $2.05 billion in revenue in the April-june quarter.
“In the last quarter, we became the number one pureplay IT services firm servicing the banking and financial services sector across the world,” TCS’S chief operating officer, N Ganapathy Subramaniam said in an interview last week. “This is very heartening to see we are doing well, and the way we are shaping the industry.”