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New Delhi: The country's largest software services firm, Tata Consultancy Services (TCS), expects to clock Rs 500 crore revenue from the domestic banking business over the next one year. The company is betting big on IT spending by Indian banks over the next 12 months, with an increased impetus on financial inclusion and newer ways of banking such as over the Internet and mobile.
G Srinivasa Raghavan, country head, India business, TCS, told FE that banks are expected to spend upwards of Rs 2,000 crore over the next 12 months on strengthening their technology infrastructure.
"Banks such as SBI, Indian Bank and Punjab National Bank have lined up significant investments in the areas of rural banking, branchless banking and even mobile banking. We expect to grab around 25% of the total spending by banks in the next one year," he said.
Currently, TCS has the largest presence in the domestic market vis-à-vis its peers Infosys Technologies and Wipro. The company derives around 9% of the current revenues from the Indian market (about Rs 600 crore) and hopes to take the number up to $1 billion (about Rs 4,500 crore) over the next three-four years. TCS reported revenues of Rs $6 billion for the financial year 2008-09.
Raghavan said the growth will come from spending by sectors like banking, financial services and insurance, along with telecom. Areas of power and utilities and infrastructure, especially ports, are also expected to make huge IT investments in the near future.
Though the company has not been aggressive in going after the end-to-end outsourcing contracts of new entrants in the telecom space, Raghavan said there are several opportunities in the value-added services space, as the next growth drive will be driven by data services and e-commerce for the sector.
He said apart from the projects lined up in the e-governance space, there are also good opportunities in the power and energy sectors. The company has aggressively bid for the Accelerated Power Development Reforms Programme (APDRP), which involves an overhaul of the IT infrastructure of state electricity boards. The company has already won contracts as an implementation agency for the states of West Bengal and Gujarat. Raghavan said the size of the contract will vary from state to state and could be in the range of Rs 200-Rs 400 crore.
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