TCS revenue growth faces slow down amid CEO transition

Tata Consultancy Services (TCS) has reported revenue of $7.195 billion (+7.4 percent) in January-March and $27.927 billion (+8.6 percent) in fiscal 2022-23.
TCS 2022-23 revenueTCS, India-based software services company, has added 22,600 employees in the last 12 months that ended on 31, March. TCS has an employee base of 614,795 at the end of March 2023.

TCS said fiscal 2022-23 revenue growth led by North America (+15.3 percent), UK (+15 percent), and India (+14.6 percent).

TCS has achieved operating margin of 24.1 percent; net margin of 18.7 percent; net income of $5.219 billion (+1.6 percent) in fiscal 2022-23.

TCS has already announced K Krithivasan will take over as CEO and MD from June 1, 2023.

On a full-year basis, revenue growth was led by Retail and CPG (+19.7 percent) and Communications & Media (+14 percent). All other verticals showed growth in a narrow band. Technology & Services grew 13.7 percent, Life Sciences and Healthcare grew 13.3 percent, Manufacturing grew 13 percent, and BFSI grew 11.8 percent.

On a full year basis, among major markets, North America grew 15.3 percent, UK grew 15 percent and Continental Europe grew 11 percent. In emerging markets, Latin America grew 17.3 percent, India grew 14.6 percent, Middle East & Africa grew 7.8 percent while Asia Pacific grew 7.6 percent.
TCS employee growth 2022-23TCS said its January-March revenue growth led by UK (+17 percent), Retail & CPG (+13 percent) and Life Sciences and Healthcare (+12.3 percent). Quarterly net profit rose 14.8 percent to 113.92 billion rupees ($1.39 billion).

Its January-March order book stood at $10 billion, down 11.5 percent from a year ago, but with an all-time high number of large deals. For the ongoing quarter, TCS forecast a range of $7 billion to $9 billion.

Growth in Q4 was led by Retail and CPG (+13 percent) and Life Sciences and Healthcare (+12.3 percent). Other verticals grew in the single digits. Technology & Services grew 9.2 percent, BFSI grew 9.1 percent, Manufacturing grew 9.1 percent and Communications & Media grew 5.3 percent.

Q4 growth was led by UK which grew 17 percent. North America grew 9.6 percent while Continental Europe grew 8.4 percent. Among emerging markets, Latin America grew 15.1 percent, India grew 13.4 percent, Middle East & Africa grew 11.3 percent and Asia Pacific grew 7.5 percent.

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