Latin America Becomes TCS’ Second Fastest Growing Market

Outsourcing giant TCS has reported a 51.5% rise in fourth-quarter net profit, with Latin America becoming its second fastest growing region after continental Europe.

The Mumbai, India-based IT outsourcer stated that it is optimistic about winning more BPO contracts in the months to come, indicating that global corporate firms have stepped up spending on technology.

TCS says it has grown 34.5% year-on-year in Latin America, a major nearshore destination that the BPO provider is trying to capitalize on in order to cope with its widening clientele in the United States.

Growing demand for cloud-based solutions, mobility and data analytics are driving TCS’ growth globally, with deals to provide Big Data analytics services most prominent among the contracts it won in the past three months.

In that period, the outsourcer won nine large contracts, each valued well over $10 million USD. During the quarter, nearly 10,000 people joined its workforce, while TCS said it trained and recruited 61,200 professionals in the last fiscal year.

TCS is hopeful of seeing strong growth in sales in the coming year, because it believes that customers in the financial services, retail and life sciences industries will step up technology spending.

“Our strategic investments, including those in digital technologies, are providing a compelling value proposition and helping us anticipate and shape new market trends successfully,” TCS Managing Director & CEO N. Chandrasekaran told reporters in Mumbai, India’s financial capital.

The company recently landed a contract with a major European bank for providing Big Data analytics services, while a North American insurance firm is counting on its consultancy to enhance property casualty management using Big Data, according to a TCS press release.