TCS largely unaffected by rupee rise: CFO
India's largest software exporter Tata Consultancy Services said it was largely unaffected by the appreciating rupee through hedging and proper product pricing.
By PTI |
MUMBAI: India's largest software exporter Tata Consultancy Services (TCS) on Wednesday said it was largely unaffected by the appreciating rupee through hedging and proper product pricing.
"We have managed our business very well through a three-pronged approach. We had already kept our estimates for rupee at Rs 39.5 to a dollar on short term basis," TCS Executive Director and CFO S Mahalingam told reporters on the sidelines of a CII Corporate Governance Conference.
Elaborating, Mahalingam said the company had put $2 billion for hedging along with proper pricing of products and in the last quarter, TCS earned 43 per cent of its overall revenues from offshore business.
The company currently has 12 contracts of which the largest order was of $50 million. Mahalingam said the banking, financial services and insurance continues to be a powerful vertical for TCS.
"TCS has reasonably powerful portfolio and people pay higher prices for the quality they get," he added.
On the use of exotic products for hedging, Mahalingam said the company does not deal in derivatives but has diversified its business well.
Asked on the impact of US Fed Reserve's decision to cut interest rates by 0.25 per cent, he said the industry had already factored in a cut and was not affected by it in a big way.
"We have managed our business very well through a three-pronged approach. We had already kept our estimates for rupee at Rs 39.5 to a dollar on short term basis," TCS Executive Director and CFO S Mahalingam told reporters on the sidelines of a CII Corporate Governance Conference.
Elaborating, Mahalingam said the company had put $2 billion for hedging along with proper pricing of products and in the last quarter, TCS earned 43 per cent of its overall revenues from offshore business.
The company currently has 12 contracts of which the largest order was of $50 million. Mahalingam said the banking, financial services and insurance continues to be a powerful vertical for TCS.
"TCS has reasonably powerful portfolio and people pay higher prices for the quality they get," he added.
On the use of exotic products for hedging, Mahalingam said the company does not deal in derivatives but has diversified its business well.
ADVERTISEMENT
Asked on the impact of US Fed Reserve's decision to cut interest rates by 0.25 per cent, he said the industry had already factored in a cut and was not affected by it in a big way.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
