For a business that has navigated technology change over the last 1 five decades theups and downs of short V term economic cycles become insignificant blips in the broadersweep of history.
Your Company has shown itself to be immensely entrepreneurial agile adaptive andinnovative over the years and these attributes will continue to serve it well in j ^the years ahead.
I write this letter with a sense of pride about how well your Company performed thisyear not just in financial terms but also in terms of what we accomplished forcustomers employees shareholders and communities across the world.
Your Company crossed two important milestones in FY 2019.
Its annual revenue crossed the $20 billion figure a 20-fold increase over the last 16years. It also became the first Indian company to achieve a market capitalization of $100billion in the last decade and join the list of the Top 100 most valuable companies inthe world. In my opinion this market valuation is the outcome of a better appreciation ofTCS' differentiated strategy market success capital allocation policy and mostimportantly belief in your Company's ability to sustain its superior revenue growth andprofitability in the longer term.
Brands take a long time to build and are an outcome of how we conduct ourselves withour stakeholders. Our values guide us in everything we do and are core to the reputationfor trust and integrity that we have built up over the decades. In FY 2019 your Companywas named the fastest growing brand of the decade in IT services and ranked among the top3 IT services brands globally by brand value in an independent brand value assessment.
At a time when the world is wrestling with problems like climate change andsocioeconomic inequities corporations can and should play their part in shaping favorableoutcomes. Sustainability for us has always been the entrepreneurial pursuit of economicopportunities while aligning the interests of the organization with those of all ourstakeholders. Of course one key enabler is the unique ownership structure which ensuresthat much of the shareholder value that TCS creates automatically flows back to civicsociety through the sterling work undertaken by the various Tata trusts.
In addition your Company has been a force of good in communities across the worldinvesting in building digital talent reducing the digital divide and resultantinequities creating well-paying jobs that boost local economies promoting health andwellness and advocating responsible environmental stewardship. Your Company's structuredcorporate social responsibility initiatives offer volunteering opportunities to employeeshelping them give back to their local communities and imbuing them with a higher sense ofpurpose.
Globally geopolitical events threaten to drag down major economies and disrupt globaltrade and commerce. At times like this it is more important than ever to stay close tothe customer.
In the last downturn TCS' customer centric philosophy and modular organizationstructure allowed it to work closely with customers and be agile in responding to theirneeds and reacting to events on the ground. Today thanks to the differentiatedcapabilities that your Company steadily invested in building up over the last decade andthe innovative business-centric solutions it is called upon by its customers to providetoday it is even more deeply embedded in their businesses and is central to their growthand transformation initiatives. These deep relationships the broad and diversified globalfootprint spanning all major markets and industries and its robust financials makes yourCompany's business very resilient and well positioned to weather any storms ahead.
For a business that has navigated technology change over the last five decades the upsand downs of short term economic cycles become insignificant blips in the broader sweep ofhistory.
Your Company has shown itself to be immensely entrepreneurial agile adaptive andinnovative over the years and these attributes will continue to serve it well in theyears ahead.
As enterprises become more technology-defined they need more than ever before apartner like TCS who understands their business very well and can bring to bear the powerof new technologies to craft innovative solutions that give them the differentiation theyneed to thrive in a Business 4.0 world.
The opportunities ahead are huge. By staying true to its mission and its values and bycontinually investing in building newer capabilities your Company is positioned well tobecome the foremost partner of choice to all forward thinking enterprises in their growthand transformation journeys.
On behalf of the Board of Directors of Tata Consultancy Services I want to thank youfor your continued trust confidence and support.