How TCS fared in fiscal year 2008-09

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Forex losses up

Mail to friend The company reported forex loss of Rs 192 crore for the March quarter. The figure was lower than the Rs 250 crore it incurred in the December 2008 quarter. However, analysts expect the declining trend in forex losses to continue. “TCS has not entered into new hedges given the weakening trend of the rupee against the dollar. This may help the company reduce forex losses further,” said Edelweiss Securities IT analyst Viju George. The company has about $120mn of hedges maturing in 1QFY10 and a total of $349mn of hedges maturing in FY10. The average rate of the hedges is about Rs 41 per USD.

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Employee additions

Mail to friend TCS has 143,761 employees on its rolls. According to Ramadorai, the company made 24,885 campus offers for 2009-10. We have added 48,595 employees to TCS in the year." The fourth quarter saw a net addition of 13,418 to the company's resource pool. As for attrition rate, Ajoy Mukherjee, vice president and head, global human resources, TCS, said, "The attrition rate is at 11.4 per cent. The utilisation rate (excluding trainees) has been maintained at 79.7 per cent, while the utilisation rate otherwise is lower at 69.4 per cent." The company expects to add only about 16,000-17,000 new net hires, about half the number in the previous year. TCS said it will not apply for any additional H-1B visas as of now.

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No guidance
	Mail to friend The company which traditionally does not give guidance asserted that despite the “unpredictable operating environment, TCS crossed the $6 billion milestone in revenues." He also expressed cautious optimism that profits for the fiscal 2009-10 will rise on an year-on-year basis, "That is what we hope."