The software and services consulting organisation Tata Consultancy Services (TCS) has achieved its goal of becoming a billion-dollar software organisation. FE, in its edition dated February 12, 2003, had reported that TCS is slated to achieve the goal this year. TCS chief executive officer S Ramadorai said that the company had posted revenues of
Rs 5,012 crore (US$ 1.4 billion) in fiscal year 2002-03, as compared to revenues of Rs 4,187 crore in the last financial year. He said that the company has registered a growth of over 20 per cent the financial year, which is higher than the overall industry growth of 18 per cent for the year.

The company has also added over 4,763 employees in the year
2002-2003. TCS currently has over 24,000 professionals in over 100 branches in 32 countries and 5 continents. The exports in the fiscal rose 17.6 per cent to Rs 4,545.26 crore from Rs 3,865.59 crore in the previous fiscal, while the domestic revenues were up by 48.9 per cent to Rs 369.07 crore from Rs 247.69 crore in the previous year. Commenting on the growth, Mr Ramadorai said the Indian IT industry was poised to grow by around 17 per cent, according to a study by Nasscom, and the company would track it.

Mr Ramadorai said that this achievement is a significant step towards the company's vision of 2010 of being among the top 10 IT consulting companies globally. Declining to divulge the profit of the company,
Mr Ramadorai stated that TCS has been been impacted by margin pressures as IT services sector was driven by cost-reduction and not by revenue generation consideration.

Mr Ramadorai declined on divulging details on the company's much talked about IPO plans. He indicated that while the timeframe has not been fixed, the company has commenced its journey towards it. On the L-l issue, TCS executive vice-president P Vandrevala said the company is working with the industry and government and hopes to iron this out soon. Mr Ramadorai said that the TCS today has a 10 per cent market share of the total Indian IT industry and TCS and CMC has a combined 15 per cent market share in the domestic IT services market.