Mumbai: With the US and European markets battling slowdown, India's largest software company Tata Consultancy Services (TCS) on Friday said it is looking at opportunities in Australia and Middle East for growth.

"Western markets continue to be a matter of concern... Australia, Middle East markets expected to be areas for growth for TCS," TCS CEO and MD N Chandrasekaran said at the Annual General Meeting (AGM) here.

Future opportunities for TCS are extremely good and banking, financial services and insurance (BFSI) segment continues to be the thrust area for the company, he added.

The company has opened multiple development centres in Latin America, China and Philippines, Chandrasekaran informed shareholders.

A slowing US market, which accounts for more than 60 per cent of the Indian IT industry's exports, along with euro-zone debt crisis is forcing Indian IT firms to look at other markets like the Middle East and Asia.

The company is also focussing on non-linear growth model and is betting big on three strategic initiatives to drive this growth. These include software products (TCS financial solutions), platform-based BPO, and iON (IT-as-a-service solution for small and medium businesses).

TCS, in FY2011-12, registered 15 percent increase in net profit to Rs 13,517 crore, while its revenue increased 31 percent to Rs 48,894 crore.

"All geographies, markets and verticals grew in double digits this year," TCS Chairman Ratan Tata said.
Tata introduced Cyrus Mistry, the anointed successor at the Tata Group, to the shareholders and investors and said he is confident of Mistry's capability of leading the company to new heights of success.

"Mistry embraces all ethical values ingrained in the Tata Group," Tata added.

Besides TCS, Mistry is also on the boards of Tata Power Company, Tata Industries, and Tata Teleservices. He was chosen as the successor to Tata in November, 2011 and will take over later this year.

(Agencies)

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