Tata Consultancy Services Ltd.’s revenue and profit met estimates in the final quarter of fiscal 2023 amid a banking crisis in its largest market. However, its margins came short. Revenue of India’s largest IT services firm increased 1.6% over the previous quarter to Rs 59,162 crore in the three months ended March 31, according to an exchange filing on Wednesday. That compares with the Rs 59,505
The IT bellwether’s full-year revenue increased 17.6% year-on-year to Rs 2,25,458 crore. In constant-currency terms, it was up 13.7%. Net profit for FY23 stood at Rs 42,147 crore, up 10% over the year-ago period. Despite a banking crisis, TCS’ total contract value—or new deal wins—rose to $10 billion in the March quarter on the back of the highest number of large deals.
Banking Crisis Impact The after effects of a banking crisis in the U.S. reflected in the company’s growth in its largest vertical. TCS’ BFSI revenue increased 9.1% to Rs 22,628 crore as compared with 11.1% in the seasonally weak December quarter. The company’s growth in the January-March period was not led by its biggest market, but by a small cluster of islands across the Atlantic. TCS’ U.K. bu
Dealmaking Across Geographies And Verticals TCS has reported a strong order book of $10 billion in the January-March period, on the back of the highest number of large deals signed in a quarter. Still, that’s 11.5% lower than the total contract value of $11.3 billion in the year-ago period. For the full year, TCV stood at $34.1 billion—marginally lower than $34.6 billion in FY22. North America co
