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Defying fears that nervous customers are holding back on outsourcing projects, annual revenues for Tata Consultancy Services grew by 24% in the most recent fiscal year.

While observers, and some rivals, have expressed concern that everything from the European debt crisis to the possibly slowing U.S. economy to election-year anti-outsourcing rhetoric will dampen outsourcing demand, TCS beat analyst estimates with annual revenues of $ 10.17 billion – up 24 percent over a year earlier. It also became the he first Indian IT company to grow beyond the $10 billion mark. The firm’s Infrastructure Services, Enterprise Solutions and Business Process Outsourcing businesses each racked up more than $1 billion in revenues in the fiscal year ending March 31^st with net income up 16% to $2.2 billion.

Among the customer wins pointing to more innovation or “transformation” deals (rather than simply outsourcing existing work) were TCS’s selection by a leading US Insurer “to help it re-architect its policy and customer management application portfolio and drive greater agility in product development, integrated marketing, and customer experience management.” A large European telecom vendor chose TCS “to restructure their application and infrastructure management services and help transition from legacy service vendors, re-architect the solution delivery processes and transform to an end-to-end managed services model.”

Some analysts pointed out that TCS was able to outperform some of its peers who had more exposure in the volatile banking, financial services and insurance sector. Among the fastest-growing delivery areas year over year (according to a presentation on the TCS site) were global consulting (up 56%,) assurance services and enterprise solutions (both up 44%), and infrastructure services, up 40%.

One possible sign of slowing growth is the fourth quarter, where revenues grew only 2.4% over the year before. However, Chief Executive Officer N. Chandrasekaran told a press conference that “Deal momentum is good, so we are pretty positive.” Among other closely-watched metrics: Attrition fell to 12.2% and the overall utilization rate was 806%, falling to 71.3 % when trainees were included.