TCS Q4 FY23: Reports Resilient Demand with Strong Order Book and 13.7% CC Growth

HIGHLIGHTS

-FY 23 Order Book TCV[1] at $34.1 Bn; Q4 TCV at $10 Bn with all-time high number of large deals
-Full Year Revenue $27.927 Bn, +8.6% YoY[2] (CC[3]: +13.7%)
-Growth led by North America (+15.3%), UK (+15%), India (+14.6%)
-Operating Margin at 24.1%; Net Margin at 18.7%
-Net Income at $5.219 Bn, +1.6% YoY
-K Krithivasan to take over as CEO and MD from June 1,2023

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New Delhi: Tata Consultancy Services (BSE: 532540, NSE: TCS) reported its consolidated financial results according to Ind AS and IFRS, for the quarter and full year ending March 31, 2023.

Tata Consultancy Services Q4 and Full Year Segment Highlights

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

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

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

On a full year basis, among major markets, North America grew 15.3%, UK grew 15% and Continental Europe grew 11%. In emerging markets, Latin America grew 17.3%, India grew 14.6%, Middle East & Africa grew 7.8% while Asia Pacific grew 7.6%.

 

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Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: “It is very satisfying to look back at our strong growth in FY 2023, on top of the mid-teen growth in the prior year. The strength of our order book demonstrates the resilience of demand for our services and gives us visibility for growth in the medium term. Krithi and I are working closely to ensure that the leadership transition over the next few months is smooth and seamless to all our stakeholders, and that TCS is well positioned to capture the opportunities ahead.”

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