Having crossed the $1-billion mark in revenues through 20 per cent growth in the fiscal year 2002-03, Indian software major Tata Consultancy Services is targeting a growth rate of over 17 per cent during current fiscal.

"The company posted a revenue of Rs 5,012 crore ($1.075 billion) in FY03, surpassing the 18 per cent growth recorded during the fiscal by the Indian IT industry as a whole," TCS chief executive officer S Ramadorai told reporters in Mumbai on Friday.

IT exports in FY03 rose 17.58 per cent to Rs 4,545.26 crore (Rs 45.45 billion) from Rs 3,865.59 crore (Rs 38.65 billion in FY02), while domestic revenues were up by 48.88 per cent to Rs 369.07 crore (Rs 3.69 billion) from Rs 247.69 crore (Rs 2.47 billion).

TCS' proven business models, experience and success in large project execution and focus on research and development helped in posting $1.04 billion in revenues, at a time when the industry was hit by pricing pressures, he said.

On prospects for growth in 2003-04, he said Indian IT industry was poised to grow by around 17 per cent according to a study by Nasscom, and "we accept this".

Without disclosing the profit figures for TCS, a division of Tata Sons Ltd, he said they have been impacted by margin pressures as IT services sector was driven by cost-reduction and not by revenue generation consideration.

On TCS' IPO plans, Ramadorai said the company's journey towards a public offer of shares has begun, though "no fixed date or timing" has been firmed up. TCS was fully compliant with the US Generally Accepted Accounting Practices, he added.