Indian IT services giant TCS has reported a record rise in annual revenue as well as profit, with the company’s Latin American unit seeing the sharpest spike.
The Latin American unit posted more than a 20% increase in revenue for the last quarter ending 31st March 2022.
The Mumbai, India-based software firm has also stated that it added more than 100,000 people to the payroll in the past 12 months.
It was a record-breaking fiscal year for the company, as it won nearly $35 billion worth of new contracts during the period.
Thanks to the red-hot demand for digital services in the post-covid era, TCS saw its annual revenue rising in all markets: continental Europe grew by 15.1%, the United Kingdom by 14.3% and North America by 17.5%. In emerging markets, Latin America grew (+18.2%), India grew (+16%), the Middle East and Africa grew (+12.9%), while Asia Pacific grew (+6.7%), according to the company’s press release.
The sharp rise in LatAm revenue was no surprise at all. Around six months ago, TCS launched operations in Guatemala and opened a Cyber Threat Management Centre in Mexico. The expansion led the company to add more than 20,000 people to its operations in the region.
In addition, it has recently landed lucrative deals with CEMEX in Mexico, Stellantis in Brazil and Avianca in Colombia.
The company has claimed that it is among the top 3 employers in 18 countries, including Brazil, Chile, and Mexico.