Greece, China will not 'cause any issues' for us: TCS
Tata Consultancy Services, TCS, India's largest software services firm has said the economic situation in Greece and China will not "cause any issue" for it.business Updated: Jul 10, 2015 15:31 IST
Tata Consultancy Services, TCS, India's largest software services firm has said the economic situation in Greece and China will not "cause any issue" for it.
The company, which announced first quarter earnings on Thursday, said its Europe business has grown 19% in the April-June period of 2015-16 as against the same period last fiscal.
"We have seen Europe has grown this quarter 19% on a year-on-year basis. I think it is fair to say, my view is that neither Greece nor China is going to cause any issue for us," TCS CEO N Chandrasekaran said while sharing the results.
The overall momentum is very strong, deals have been pretty strong across industries and across geographies and key markets and verticals are robust, he said.
The recent rout in Shanghai shares and fears of Greek's eurozone exit have been a matter of concern for investors.
Relative to the US and Europe, China accounts for a very small share of business for TCS.
Chandrasekaran said key markets like North America are doing good and that revenue from the region grew 4.3%.
TCS, which kicked off the earnings season on Thursday, reported a meagre 2.1% growth in the June quarter net profit at Rs 5,684 crore, with revenue growth trailing street expectations on difficulties from the Japanese and Latin American markets.
The software major reported a consolidated revenue of Rs 25,668 crore under Indian Gaap accounting, which is up 16.1% on yearly basis and 6% sequentially.