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    Air Canada Celebrates Canada Day with Limited-time Fare Discounts for Customers Flying from India

    Shah Rukh Khan to Grace the Grand Opening of City of Dreams Sri Lanka

    Shah Rukh Khan to Grace the Grand Opening of City of Dreams Sri Lanka

    Left to Right- Ishfaaq Uvaim, Manager Telangana and Andhra Pradesh;  Mr. Dheera Hettiarachchi, Chairman, Sri Lanka Convention Bureau;  Mrs. Harsha Ruparathne, Actg. Deputy High Commissioner, Sri Lanka Deputy High Commission in Chennai, India;  Mrs. Malkanthi Welikala, Manager – Marketing, SLCB

    Sri Lanka Tourism boosts Indian MICE Engagement with Dynamic and Exclusive Networking Evening in TAJ Krishna, Hyderabad

    European Leaders Join Forces to Drive Growth and Innovation  

    Boeing Names Stephen Parker as CEO of Defense, Space & Security

    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Highlights Key Policy Measures to Promote Export-led Growth at Exim Bank’s Trade Conclave

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    The Quantum India Bengaluru (QIB) 2025 brochure unveiled in the presence of (From Left to Right) Jagdish Patankar, Exec. Chairman, MM Activ Sci-Tech Communications, Dr. Ekroop Caur, IAS, Secretary, Department of Electronics, IT, Bt, and S&T, Government of Karnataka, Shri N.S. Boseraju, Hon’ble Minister for Minor Irrigation and Science & Technology, Government of Karnataka, Prof. Arindam Ghosh, Professor, IISc & QIB 2025 Conference Chair; Prof. Akshay Naik, Professor, IISc & QIB 2025 Conference Co-Chair, Shri Sadashiva Prabhu B, IAS Director, Dept. of Science & Technology, Managing Director, Karnataka Science and Technology Promotion Society (KSTePS) Government of Karnataka at the Curtain Raiser event of Quantum India Bengaluru 2025, held at Prof. U.R. Rao Auditorium, Jawaharlal Nehru Planetarium, Bengaluru

    ‘Quantum India Bengaluru is not just a summit; it is a signal of intent.’-N.S.Boseraju, Minister for Minor Irrigation and Science & Technology, GoK.

    SatSure and Dhruva Space Unite to Launch India’s First Full-Stack Earth Observation-as-a-Service Ecosystem

    Myntra Glamstream Kicks Off with a Sneak Peek of “Jordan” by Badshah — India’s First Shoppable Fashion Music Video

    A THREE-DAY CELEBRATION OF INDIAN CLASSICAL MUSIC FROM 11TH TO 13TH JULY 2025, AT THE SWAMI VIVEKANANDA SABHANGANA, RAMAKRISHNA MATH, BENGALURU.

    European Union Cheese Campaign Enters Third Year with an Indian Flair

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  • Business
    The Quantum India Bengaluru (QIB) 2025 brochure unveiled in the presence of (From Left to Right) Jagdish Patankar, Exec. Chairman, MM Activ Sci-Tech Communications, Dr. Ekroop Caur, IAS, Secretary, Department of Electronics, IT, Bt, and S&T, Government of Karnataka, Shri N.S. Boseraju, Hon’ble Minister for Minor Irrigation and Science & Technology, Government of Karnataka, Prof. Arindam Ghosh, Professor, IISc & QIB 2025 Conference Chair; Prof. Akshay Naik, Professor, IISc & QIB 2025 Conference Co-Chair, Shri Sadashiva Prabhu B, IAS Director, Dept. of Science & Technology, Managing Director, Karnataka Science and Technology Promotion Society (KSTePS) Government of Karnataka at the Curtain Raiser event of Quantum India Bengaluru 2025, held at Prof. U.R. Rao Auditorium, Jawaharlal Nehru Planetarium, Bengaluru

    ‘Quantum India Bengaluru is not just a summit; it is a signal of intent.’-N.S.Boseraju, Minister for Minor Irrigation and Science & Technology, GoK.

    SatSure and Dhruva Space Unite to Launch India’s First Full-Stack Earth Observation-as-a-Service Ecosystem

    PHOTOS CREDIT:Hyatt Hotels Corporation

    Park Hyatt Set to Debut in Vancouver in 2026

  • Health
    Michelin-Starred Chef Shane Osborn

    Michelin-Starred Chef Shane Osborn Makes India Debut at Le Cirque Signature, The Leela Palace Bengaluru on July 11th & 12th, 2025.

    Barbeque Nation Opens New Outlet at Garuda Mall, Expands Central Bangalore Presence.

    Receiving JCI accreditation is a profound moment for Ramaiah Memorial Hospital and a validation of our relentless pursuit of excellence in patient care,”-Dr. M.R. Jayaram, Chairman, Gokula Education Foundation (Medical).

    “Deprived farmers of J&K will receive benefits under PM-KISAN” — Union Minister Shivraj Singh Chouhan

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    SatSure and Dhruva Space Unite to Launch India’s First Full-Stack Earth Observation-as-a-Service Ecosystem

    “SEZs can be a bridge between Indian and global aerospace and defence industries via Startup India.”-Piyush Goyal ,Union Minister for Commerce and Industry 

    MiQ Sigma: Built at MiQ’s Bengaluru Centre of Excellence (CoE), the Industry’s First AI Platform That Unifies the Programmatic Ecosystem

    TECNO Gears up to Launch POVA 7 Series with Bold New Delta Interface on July 4, Exclusively on Flipkart

    Jockey Woman continues to shape India’s intimate wear landscape with strategic expansion

    AMD Unveils Vision for an Open AI Ecosystem, Detailing New Silicon, Software and Systems at Advancing AI 2025

  • Auto

    Stellantis Pro One announces start of production in the Italian Atessa plant of new versions of the Large Van “Cargo Box” and Recreational Vehicles

    Volvo Cars reports June sales

    Odysse Electric Clocks 344 Units Sold in June, Records 54% Monthly Growth

    DGCA carries out comprehensive surveillance at major airports, including Delhi and Mumbai

  • Sports

    Rescheduling of India’s white-ball Tour of Bangladesh

    BPCL’s Premium Petrol Speed Fuels Neeraj Chopra Classic 2025

    Superstar Kichcha Sudeepa Acquires Bengaluru Racing Team the Indian Racing Festival — Launches ‘Kichcha’s Kings Bengaluru’ to Unite Cinema, Speed, and City Pride

    Unveiling the event docket at the TCS World 10K Bengaluru 2025 Philanthropy Awards (L to R): Vivek Singh, Joint Managing Director, Procam International; Col Puneet Bharadwaj, Indian Army; Dr. Umesh, President, Cubbon Park Walkers Association; Brigadier Ranjeet Alva, Deputy GOC, K&K Sub Area, Indian Army; Prashanth Prabhakara, Regional Head, IDFC FIRST Bank; Shri Thaawarchand Gehlot, Hon'ble Governor of Karnataka; Basavaraju AP, Member - KPCC; Sunil Deshpande, Regional Head, Tata Consultancy Services, Bengaluru; Dr. Vivek Jawali – Chairman of Cardiac Sciences for Fortis and Medical Director, TCS World 10K Bengaluru; Zamrooda Khanday, CEO of aidbees; Vijayaraghavan Venugopal, Co-Founder of FAST&UP; Sabrina Dey, GM, ITC Windsor and Dr. Jamuna Ravi, CEO, Vayah Vikas.

    TCS World 10K Bengaluru Ignites the Spirit of Giving: NGOs, Citizens, and Corporates raise INR 3.83 Crores for Social Good

  • Entertainment
    Vogue Wedding Atelier presented by HSBC India at Taj Palace, New Delhi, from 8-10 August 2025

    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

    GenS Life and Dowith Lit Present ‘Senior Spotlight’: Bengaluru’s Open Mic Celebration for the 55+

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    ‘Waves’ an OTT platform that offers clean family-friendly content: Sunil Bhatiya, Deputy Director General, Doordarshan Kendra, Panaji

    Sri Sai Gold Palace’s 7th store inaugurated in Malleshwaram,Bengaluru.

    Lulu Mall Hosts Bangalore’s Biggest Non-Alcoholic Holi Celebration

  • Lifestyle
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    Myntra Glamstream Kicks Off with a Sneak Peek of “Jordan” by Badshah — India’s First Shoppable Fashion Music Video

    European Union Cheese Campaign Enters Third Year with an Indian Flair

    Air Canada Celebrates Canada Day with Limited-time Fare Discounts for Customers Flying from India

    Shah Rukh Khan to Grace the Grand Opening of City of Dreams Sri Lanka

    Shah Rukh Khan to Grace the Grand Opening of City of Dreams Sri Lanka

    Michelin-Starred Chef Shane Osborn

    Michelin-Starred Chef Shane Osborn Makes India Debut at Le Cirque Signature, The Leela Palace Bengaluru on July 11th & 12th, 2025.

    Barbeque Nation Opens New Outlet at Garuda Mall, Expands Central Bangalore Presence.

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    Air Canada Celebrates Canada Day with Limited-time Fare Discounts for Customers Flying from India

    Shah Rukh Khan to Grace the Grand Opening of City of Dreams Sri Lanka

    Shah Rukh Khan to Grace the Grand Opening of City of Dreams Sri Lanka

    Left to Right- Ishfaaq Uvaim, Manager Telangana and Andhra Pradesh;  Mr. Dheera Hettiarachchi, Chairman, Sri Lanka Convention Bureau;  Mrs. Harsha Ruparathne, Actg. Deputy High Commissioner, Sri Lanka Deputy High Commission in Chennai, India;  Mrs. Malkanthi Welikala, Manager – Marketing, SLCB

    Sri Lanka Tourism boosts Indian MICE Engagement with Dynamic and Exclusive Networking Evening in TAJ Krishna, Hyderabad

    European Leaders Join Forces to Drive Growth and Innovation  

    Boeing Names Stephen Parker as CEO of Defense, Space & Security

    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman Highlights Key Policy Measures to Promote Export-led Growth at Exim Bank’s Trade Conclave

  • National
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    • Economy & Politics
    • Election
    The Quantum India Bengaluru (QIB) 2025 brochure unveiled in the presence of (From Left to Right) Jagdish Patankar, Exec. Chairman, MM Activ Sci-Tech Communications, Dr. Ekroop Caur, IAS, Secretary, Department of Electronics, IT, Bt, and S&T, Government of Karnataka, Shri N.S. Boseraju, Hon’ble Minister for Minor Irrigation and Science & Technology, Government of Karnataka, Prof. Arindam Ghosh, Professor, IISc & QIB 2025 Conference Chair; Prof. Akshay Naik, Professor, IISc & QIB 2025 Conference Co-Chair, Shri Sadashiva Prabhu B, IAS Director, Dept. of Science & Technology, Managing Director, Karnataka Science and Technology Promotion Society (KSTePS) Government of Karnataka at the Curtain Raiser event of Quantum India Bengaluru 2025, held at Prof. U.R. Rao Auditorium, Jawaharlal Nehru Planetarium, Bengaluru

    ‘Quantum India Bengaluru is not just a summit; it is a signal of intent.’-N.S.Boseraju, Minister for Minor Irrigation and Science & Technology, GoK.

    SatSure and Dhruva Space Unite to Launch India’s First Full-Stack Earth Observation-as-a-Service Ecosystem

    Myntra Glamstream Kicks Off with a Sneak Peek of “Jordan” by Badshah — India’s First Shoppable Fashion Music Video

    A THREE-DAY CELEBRATION OF INDIAN CLASSICAL MUSIC FROM 11TH TO 13TH JULY 2025, AT THE SWAMI VIVEKANANDA SABHANGANA, RAMAKRISHNA MATH, BENGALURU.

    European Union Cheese Campaign Enters Third Year with an Indian Flair

    Initial Phase of Bihar SIR Completed

  • Business
    The Quantum India Bengaluru (QIB) 2025 brochure unveiled in the presence of (From Left to Right) Jagdish Patankar, Exec. Chairman, MM Activ Sci-Tech Communications, Dr. Ekroop Caur, IAS, Secretary, Department of Electronics, IT, Bt, and S&T, Government of Karnataka, Shri N.S. Boseraju, Hon’ble Minister for Minor Irrigation and Science & Technology, Government of Karnataka, Prof. Arindam Ghosh, Professor, IISc & QIB 2025 Conference Chair; Prof. Akshay Naik, Professor, IISc & QIB 2025 Conference Co-Chair, Shri Sadashiva Prabhu B, IAS Director, Dept. of Science & Technology, Managing Director, Karnataka Science and Technology Promotion Society (KSTePS) Government of Karnataka at the Curtain Raiser event of Quantum India Bengaluru 2025, held at Prof. U.R. Rao Auditorium, Jawaharlal Nehru Planetarium, Bengaluru

    ‘Quantum India Bengaluru is not just a summit; it is a signal of intent.’-N.S.Boseraju, Minister for Minor Irrigation and Science & Technology, GoK.

    SatSure and Dhruva Space Unite to Launch India’s First Full-Stack Earth Observation-as-a-Service Ecosystem

    PHOTOS CREDIT:Hyatt Hotels Corporation

    Park Hyatt Set to Debut in Vancouver in 2026

  • Health
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    Barbeque Nation Opens New Outlet at Garuda Mall, Expands Central Bangalore Presence.

    Receiving JCI accreditation is a profound moment for Ramaiah Memorial Hospital and a validation of our relentless pursuit of excellence in patient care,”-Dr. M.R. Jayaram, Chairman, Gokula Education Foundation (Medical).

    “Deprived farmers of J&K will receive benefits under PM-KISAN” — Union Minister Shivraj Singh Chouhan

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    MiQ Sigma: Built at MiQ’s Bengaluru Centre of Excellence (CoE), the Industry’s First AI Platform That Unifies the Programmatic Ecosystem

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    Volvo Cars reports June sales

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    BPCL’s Premium Petrol Speed Fuels Neeraj Chopra Classic 2025

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    TCS World 10K Bengaluru Ignites the Spirit of Giving: NGOs, Citizens, and Corporates raise INR 3.83 Crores for Social Good

  • Entertainment
    Vogue Wedding Atelier presented by HSBC India at Taj Palace, New Delhi, from 8-10 August 2025

    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

    GenS Life and Dowith Lit Present ‘Senior Spotlight’: Bengaluru’s Open Mic Celebration for the 55+

    PMJ Jewels Launches PMJ SuperStar Bracelet and ‘Celebrating Daughters’ Campaign

    ‘Waves’ an OTT platform that offers clean family-friendly content: Sunil Bhatiya, Deputy Director General, Doordarshan Kendra, Panaji

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    European Union Cheese Campaign Enters Third Year with an Indian Flair

    Air Canada Celebrates Canada Day with Limited-time Fare Discounts for Customers Flying from India

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    Shah Rukh Khan to Grace the Grand Opening of City of Dreams Sri Lanka

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Record Deal Wins and Robust Margins Mark Strong Finish to TCS’ FY24

FWM by FWM
April 16, 2024
in Business
0
  • FY 24 Order Book TCV[1] at all time high $42.7 Bn; Record Q4 TCV at $13.2 Bn
  • Full Year Revenue $29.08 Bn, +4.1% YoY[2] (CC[3]: +3.4%)
  • Growth led by UK (+10.1%) and Regional Markets (+19.8%)
  • By verticals, Growth led by Energy, Resources and Utilities (+12.6%), Manufacturing (+7.3%), and Life Sciences & Healthcare (+4.8%)
  • Operating Margin at 24.6%*; Net Margin at 19.3%*
  • Net Income at $5.62 Bn*, +7.8% YoY*

MUMBAI, April 12, 2024: 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, 2024.

FY 2023-24: Annual Highlights Q4 FY 2024: Quarterly Highlights
  • Client metrics:
  • 62 clients in the $100 Mn+ band (+2 YoY)
  • 139 in the $50 Mn+ band (+6 YoY)
  • Employee Metrics:
  • Employee Headcount: 601,546
  • Diversity: 152 nationalities; 35.6% women
  • IT Services Attrition (LTM): 12.5%
  • Talent Development:
  • 5 million competencies acquired
  • Number of Contextual Masters at 73,000
  • Free Cash Flow: $5.3 Bn
  • Shareholder payout of $5.6 Bn in the form of dividends and buyback
  • Revenue at $7.36 Bn, +2.3% YoY (CC: 2.2%)
  • Growth led by India (+37.9%), UK (+6.2%), and Manufacturing (+9.7%)
  • Operating Margin: 26.0%; YoY expansion of 150 bps
  • Net Margin: 20.3%; YoY expansion of 100 bps
  • Net Income: $1.5 Bn, +8.0% YoY
  • Strong Cash conversion: Operating Cash Flow 100.4% of Net Income
  • Final Dividend per share (proposed): ₹28

 

 

 

K Krithivasan, Chief Executive Officer and Managing Director, said: “We are very pleased to close Q4 and FY24 on a strong note with the highest ever order book and a 26% operating margin, validating the robustness of our business model and execution excellence. In an environment of global macro uncertainty, we are staying close to our customers and helping them execute on their core priorities with TCS’ portfolio of offerings, innovation capabilities and thought leadership.”

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N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said: “Our Q4 performance is robust, with broad based deal wins across industries and geographies. Our products and platforms business sparkled with the mega deal win at Aviva and emerging markets had another stellar growth quarter demonstrating the power of TCS’ diversified portfolio.”

Samir Seksaria, Chief Financial Officer, said: “In FY 2024, our disciplined approach to operations have helped us expand our industry-leading margins. In a challenging environment, we persisted with our long-term investments in workforce reskilling, research and innovation. We will continue to drive efficiencies and competitiveness to capture opportunities for growth with profitability.”

Milind Lakkad, Chief HR Officer, said: “We are pleased to announce the annual increments for our workforce, as we have done consistently every year, with top performers receiving double digit hikes. The reduced attrition at 12.5%, enthusiastic response to our campus hiring, increased customer visits and employees returning to the office have resulted in great vibrancy in our delivery centres and elevated morale of our associates.”

Q4 and Full Year Segment Highlights

Growth by Domain

Industries Q4 FY23 (%) Q4 FY24 (%) Y-o-Y

CC Growth (%)

FY 2023 (%) FY 2024 (%) Y-o-Y

CC Growth (%)

BFSI 32.9 31.3 (3.2) 33.3 32.0 (1.0)
Consumer Business 16.0 15.7 (0.3) 16.0 15.8 1.8
Life Sciences & Healthcare 10.9 10.9 1.7 10.8 10.9 4.8
Manufacturing 8.1 8.8 9.7 8.2 8.6 7.3
Technology & Services 8.9 8.2 (5.6) 9.0 8.5 (2.3)
Communication & Media 7.1 6.6 (5.5) 7.2 6.8 (2.6)
Energy, Resources and Utilities 5.4 5.6 7.3 5.2 5.6 12.6
Regional Markets & Others 10.7 12.9 26.0 10.3 11.8 19.8
Total 100.0 100.0 2.2 100.0 100.0 3.4

Growth by Markets

Geography Q4 FY23 (%) Q4 FY24 (%) Y-o-Y

CC Growth (%)

FY 2023 (%) FY 2024 (%) Y-o-Y

CC Growth (%)

Americas            
North America 52.4 50.0 (2.3) 53.4 51.1 (0.2)
Latin America 1.8 2.0 9.8 1.8 2.0 12.4
Europe            
UK 15.7 16.8 6.2 15.0 16.5 10.1
Continental Europe 15.1 14.6 (2.0) 14.9 14.9 0.7
Asia Pacific 8.0 7.8 5.2 8.0 7.8 4.5
India 5.0 6.7 37.9 5.0 5.6 20.2
MEA 2.0 2.1 10.7 1.9 2.1 14.4
Total 100.0 100.0 2.2 100.0 100.0 3.4


Services:
In a challenging macro environment, clients are prioritizing initiatives that reduce cost, increase business agility, improve security posture and resilience.

Win themes across key deals involved Cloud Migration and Modernization, GenAI, Enterprise application services, Identity & Access Management, Connected Devices, Digital Workplace Services, Network Services and Vendor Consolidation.

AI.Cloud, Enterprise Solutions, IOT&DE and Cyber Security led the growth this quarter.

Analyst rankings: 80% leadership positions across all key service areas (Application Transformation, Consulting, AI & Analytics, Cloud, IoT & Digital Engineering, F&A, Procurement, Assurance, Enterprise Application Services, Security, Infrastructure).

  • AI.Cloud: During this quarter, we saw significant demand for Cloud, data platforms and Gen AI across industry segments. Clients are seeking to harness these technologies to reimagine customer experience, simplify their technology estate and transform their operating model. Clients continued to scale their experimentation with Gen AI and went live with an increasing number of use cases. We are progressing well on our mission to organically reskill our workforce on AI and Gen AI. TCS is a launch partner for the newly announced AWS Generative AI Competency. Our Responsible AI Framework for Azure has been launched in Azure Marketplace.
  • Cyber Security: We saw continued growth momentum this quarter with good traction in Identity and Access Management (IAM), Governance Risk Compliance and Network Security and Platforms. We are expanding footprint across all client segments, with clients seeking an integrated services approach to enterprise security. We launched and saw good traction with our AI and Gen AI Security offerings. We continue to expand our domain focused offerings across industry segments.
  • Enterprise Solutions: During this quarter, we saw strong demand from clients for Enterprise Application Services. Clients continue to make significant investments in their digital core through an ERP led Transformation approach. There is also significant interest in enhancing user and customer experience through Low Code No Code applications. Our portfolio of offerings in SAP S/4HANA, Salesforce, ServiceNow, Oracle Cloud and JDE platforms saw significant traction. Our investments in building a domain-based catalogue of GenAI use cases, Sustainability offerings on major ERP platforms and assets under the umbrella of Crystallus™ saw good momentum this quarter.
  • IoT & Digital Engineering: Strong growth was led by multiple transformation programs and demand for next generation solutions across connected plants, connected services and intelligent product engineering. Key services leading the growth were Factory of the Future, Electric Vehicles and Software Defined vehicles, Digital thread, Digital Twins and Medical Devices Engineering. IoT enabled connected devices and shop floor manufacturing are seeing greater adoption at scale, along with early pilots and adoption of Gen AI. Among industry groups, TSS, CBG, Manufacturing and LSHCERU saw greater traction.
  • Cognitive Business Operations: IT Infrastructure Services led the growth this quarter with strong deal wins powered by Cognix™. Key themes were reimagining digital workplace services, transforming enterprise network infrastructure, and vendor consolidation. Clients also partnered with TCS for Business Process Services including first time outsourcing, agile and resilient supply chain operations, and transforming employee experience amongst others.
  • TCS Interactive: During this quarter clients partnered with TCS Interactive across a wide range of engagements including, relaunch of digital presence using design language, transform online channel experience, run E-Commerce command center, audit retail media network maturity, marketing agency and for Product engineering services. We also saw good traction with our unique Apple Vision Pro based immersive airline experience solution, TwinX (AI) enabled smart marketing concierge solution and immersive commerce solutions.

Key Highlights

  • Signed a strategic partnership with Ramboll, a global architecture, engineering, and consultancy company headquartered in Denmark, to manage Ramboll’s cloud and data centers, application development and maintenance, Cyber Security and Digital Workplace. This will set a digital foundation for Ramboll’s business growth, help to reduce its climate footprint, and increase scalability.
  • Announced a 15-year expansion of partnership with Aviva, the UK’s leading Insurance, Wealth and Retirement provider, to transform its UK Life business and enhance customer experience leveraging the TCS BaNCS™ platform. The end-to-end policy administration and servicing will expand to cover over 5.5 million policies, to be managed by Diligenta, TCS’ FCA regulated subsidiary in the UK, on behalf of Aviva.
  • Enabled Euroclear Finland, the National Central Securities Depository (CSD) of Finland in the integration of its core platform with the European Central Bank’s TARGET2-Securities (T2S) platform. This has ensured easier cross-border settlements and will attract more investment into the country.
  • Selected by Central Bank, a leading Midwest regional bank, for TCS BaNCS™ to modernize its core technology infrastructure, drive innovation, and strengthen customer relationships. Central Bank’s strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank.
  • Signed an agreement with Nuuday, Denmark’s leading digital connectivity and communications provider, to drive a complex cloud transformation. As part of this multi-million-dollar deal, TCS will migrate Nuuday’s IT infrastructure to the TCS hybrid cloud, paving the way for future transformations.
  • Announced a strategic partnership with Enento Group, a prominent provider of digital business and consumer information services in the Nordic region. As part of this multi-year collaboration, TCS will transform Enento’s IT applications, cloud, digital workplace, and IT security for resilient business operations. TCS’ cloud and DevOps solutions will help accelerate Enento’s business agility and provide a best-in-class digital customer experience.
  • Selected by Toyota Motor North America as its strategic partner to consolidate their supplier landscape, transform their IT infrastructure, Site Services, Corporate and Plant customer experience. This partnership aims at bringing standardization, delivering synergies at scale and reduce technical debt by leveraging Gen AI and automation to deliver an omnichannel experience.
  • Ontario Teachers’ Pension Plan (OTPP) has renewed its longstanding strategic relationship with TCS for IT managed services / transformation initiatives, solidifying the relationship between the two organizations. The decision to renew the partnership underscores the successful collaboration between OTPP and TCS, characterized by service transformation, reliability, and a shared commitment to excellence. With a focus on providing domain expertise, accelerating cloud migration, and driving automation initiatives, TCS is poised to continue supporting OTPP’s strategic objectives and ensuring future success.
  • Extended partnership with AkzoNobel, a Dutch multinational paints and coatings company to leverage its contextual knowledge and technical expertise to maintain the stable application portfolio and drive simplification of business operations, leverage Gen AI and hyper automation to elevate user experience across value chains. TCS will also help AkzoNobel in building business capabilities, improve time to market by engaging multiple digital transformation initiatives at scale.
  • A leading UK based financial group has partnered with TCS to implement network security solution to give its users the fastest, most secure access to private applications while enabling zero trust connectivity for workloads. This solution minimizes security risks and mitigates lateral threat movement through advanced segmentation and AI-powered, context-aware policies.
  • Expanded strategic partnership with easyJet, a leading European airline, to transform its IT operations landscape. TCS will establish an entirely new platform-based futuristic operating model, leverage cutting-edge technologies, deploy TCS solutions TCS Cognix™, ignio™ AIOps to modernize the infrastructure and migrate the DC to the cloud to provide best-in-class services. This will improve operational agility, enhance competitiveness, drive sustainable growth and enable easyJet to provide the best possible travel experience to its customers.
  • Selected by Australia’s largest e-health company, providing software products, solutions and platforms, to develop a robust software product offering to manage the operations of next-gen health sector as well as transformation of acquired business processes. TCS will build future ready platform for multiple lines of businesses, including marquee customers backed by the local government.
  • TCS has been selected as a strategic partner by the French entity of a Global Insurer to provide agility to the business by operating model transformation in Application development and maintenance. As part of the multi-year contract, TCS will bring its best-in-class agile delivery models which will help the Insurer’s IT in strengthening the delivery to provide continuous value to business.
  • Brought our global network of Pace Ports to London, which is set to become a dynamic center for cutting-edge technology, research, and development in the region. Leveraging TCS’s extensive expertise in technology-based business transformation, the hub will serve as a catalyst for the adoption of innovation-led solutions.
  • Partnered with Macquarie University to launch the TCS GoZero Hub, a research and innovation center to guide Australian organizations in their journeys towards net zero carbon emissions. Aligning with the central themes of COP28, this hub will focus on five core themes – energy transition, carbon management, nature positive future, circular economy and sustainable waste management, and climate adaptation and resilience – and how to limit and prepare for future climate change.

 

Customer Speak

“Connecting to T2S is critical to the growth and prosperity of the Finnish market. Our clients will benefit from more efficient processes and access to greater investment avenues, making Finland an attractive place for issuers and investors. As a direct holding market with end investor accounts, this program was amongst the largest of its kind in terms of the number of book-entry accounts and holdings moved to the platform. With our core platform based on TCS BaNCS™ for Market Infrastructure, we are glad to have partnered with TCS in our business and IT transformation journey, creating one of the most modern and efficient CSD systems in Europe.

Hanna Vainio, Chief Executive Officer, Euroclear Finland

 

“Extending this strategic partnership will improve how we serve our customers, further simplify our operations and support our growth ambitions. It will allow us to rationalize our systems and improve efficiency, bringing significant benefits for our customers and the business.”

Doug Brown, CEO Insurance, Wealth & Retirement, Aviva

 

“When the decision was made to modernize our core as part of a long-term strategy, we looked extensively for a true partner. Given our shared commitment to technology and its role in the customer experience, TCS, with its TCS BaNCS™ product suite, was a natural choice for Central Bank.”

John Ross, President and CEO, Central Bank

 

“As the leading digital Nordic knowledge company, we continue to be at the forefront in developing new data-driven solutions and services that power society with intelligence. With its track record in the Nordics, TCS has been chosen as our trusted partner for business transformation. Working with TCS is key to achieving our long-term targets.”

Daniel Ejderberg, Chief Information Officer, Enento

 

“The Pilot Pay platform is the culmination of a seamless collaboration with our pilot community and ALPA. Our relationship with TCS allowed us to address some of the core concerns related to the need for real-time visibility, accuracy, and transparency in pay. The intent was to build a future-ready, scalable solution that grows with us.” 

Jason Birnbaum, SVP & CIO, United Airlines

 

“As the leading digital communications and connectivity provider in Denmark, we need a modernized and autonomous Infrastructure estate that can support the increasing demand for the latest digital products and services. We are turning to TCS based on the company’s proven industry experience and successful completion of complex cloud transformation projects in the digital communications sector. This important partnership brings us a modern, automated hybrid cloud service that will help us futureproof our business and ensuring excellent end-user satisfaction.”

Monika Gullin, Chief Technology Officer, Nuuday

 

“Our company has experienced remarkable growth, and we are determined to see this success forward. To continue our upward trajectory, we recognized the need for a trustworthy partner who can help us build a standardized, scalable IT platform that allows for innovation, and is agile enough to foster creativity. We are thrilled to have chosen TCS, a proven expert in large-scale complex digital transformations, for this global project. With TCS as our partner, we are confident in our ability to future-proof the business and continue to deliver the excellent services our customers expect.”

Thomas Angelius, Senior Group Director, Chief Information Officer, Ramboll

 

“easyJet chose TCS due to proven expertise in delivering large-scale digital transformations and the companies’ strong cultural alignment. This extended partnership will help easyJet build a future-ready, platform-based technology architecture that fosters a culture of innovation and improves our digital agility—toward our goal of making travel easy and becoming the most loved airline in Europe.”

Stuart Birrell, Chief Data and Information Officer, easyJet

 

Research and Innovation

As on March 31, 2024, the company has applied for 8,040 patents, including 188 applied during the quarter, and has been granted 3,919 patents including 461 granted during the quarter.

 

Human Resources

TCS’ workforce stood at 601,546 as on March 31st. The employee base is very diverse, with 35.6% women and with 152 nationalities.

Year till date, TCSers have clocked 51 million learning hours, and acquired 5 million competencies. IT services’ attrition was at 12.5% for the last twelve months.

 

Awards and Recognition

Business Awards

  • TCS Showcased a brand value gain of $2 billion in one year, the highest value growth across the global IT Services Industry, for which it was ranked second in the 2024 Global 500 IT services ranking by Brand Finance.
  • Awarded Global Top Employer 2024, one of the 16 companies worldwide, by the Top Employers Institute in 32 countries and regions, including Europe, the UK, the Middle East, North America, Latin America, and South-East Asia.
  • Featured by FORTUNE Magazine as one of the World’s Most Admired Companies based on a survey of more than 3,700 business executives, boards of directors and financial analysts.
  • Ranked first in Customer Satisfaction in Europe and UK by Whitelane Research based on research of over 800 IT companies in UK alone.
  • TCS internal tech team awarded the CIO 100 US Award 2024 by Foundry for the Machine-First SOC project.
  • TCS was ranked third in market share by Pierre Audoin Consultants (PAC) in their list of Top 10 IT Services Worldwide.
  • Recognized for leveraging the TCS Green and Connected Ecosystem Solution by Aegis Graham Bell Award, supported by the Ministry of Electronics and Information Technology, Government of India.
  • TCS’ leadership program for women recognized in the World Economic Forum’s Diversity, Equity, and Inclusion Lighthouse Report 2024.
  • Recognized at ET NOW Best Organizations for Women Conclave 2024 for fostering inclusivity, gender diversity and sustainable growth.
  • Ranked second in the 2023 Burgundy Private Hurun India 500 list, highlighting the country’s most valuable companies.
  • Forbes Magazine ranked TCS among America’s Best Management Consulting Firm in 2024, based on recommendations from 1,100 partners and executives at management consulting firms.
  • TCS awarded Pioneer Sustainable Development Action Recognition for its CANSupport initiative by the United Nations Global Compact Network Malaysia & Brunei (UNGCMYB) Forward Faster Sustainability Awards 2023.
  • Awarded the International Green Apple Award by the UK Houses of Parliament.
  • Awarded Titan Business Awards & UK Digital Excellence Awards for TCS London Marathon.
  • Awarded the Avery Dennison IT Supplier Excellence Award for Delivery and Performance.

Partner Awards

  • TCS recognized with ‘Generative AI (GenAI) Competency’ partner status by Amazon Web Services (AWS)
  • Awarded Global Growth Partner of the Year 2023 by Informatica innovation and domain expertise.
  • Awarded the Google Cloud Partner of the Year Global Expansion, a recognition of its commitment to leveraging the power of Google Cloud to help customers pursue an AI-first strategy, and drive growth and transformation. TCS has also been awarded the Partner of the Year Specialization: Data Management, and Partner of the Year Talent Development APAC.
  • Recognized in the AI for Business category—APAC by the 2024 IBM Partner Plus Awards

 

Industry Analyst Assessments

TCS was ranked a Leader in 37 competitive assessments published by leading research firms in Q4. In 9 of these, marked with an asterisk in the table below, TCS was positioned the foremost leader or ranked #1.

Analyst Firm Firms Report Type Report Title
PAC Top 10 Top 10 IT Services Worldwide
Everest PEAK Matrix Software Product Engineering Services PEAK Matrix® Assessment 2024
PAC PAC Innovation RADAR Sustainability-related IT Consulting & Services in Europe – PAC RADAR – 2024
HFS HFS Horizons HFS Horizons: Manufacturing Intelligent Operations Services, 2024
NelsonHall Market Analysis Industry 4.0 2024
Avasant RADAR Life Sciences Digital Services 2024 RadarView™
IDC MarketScape IDC MarketScape: Worldwide Life Sciences R&D Lab of the Future Technology Solutions and Consulting Services 2024 Vendor Assessment
NelsonHall NEAT Property & Casualty Operations Transformation 2024
IDC MarketScape IDC MarketScape: Worldwide Higher Education Cloud Professional Services 2024 Vendor Assessment
Avasant RADAR Airlines and Airports Digital Services 2024 RadarView™
Avasant RADAR Digital Commerce Services 2023–2024 RadarView™
Everest PEAK Matrix Consumer Packaged Goods (CPG) IT Services PEAK Matrix® Assessment 2024
Everest PEAK Matrix Retail IT Services PEAK Matrix® Assessment 2024
IDC MarketScape IDC MarketScape: Worldwide Professional Services for Railways and Airlines 2024 Vendor Assessment*
Everest PEAK Matrix Financial Crime and Compliance (FCC) Operations Services PEAK Matrix® Assessment 2024
HFS HFS Horizons HFS Horizons: The Best Service Providers for Asset and Wealth Management, 2024
NelsonHall NEAT ESG Services in Banking 2024
Everest PEAK Matrix Marketing Services PEAK Matrix® Assessment 2024
PAC RADAR Adobe-related Services in Europe – Overall – PAC RADAR – 2024
Everest PEAK Matrix Application Transformation Services PEAK Matrix® Assessment 2024 – Europe*
Everest PEAK Matrix Application Transformation Services PEAK Matrix® Assessment 2024 – North America*
Forrester Wave The Forrester Wave™: Application Modernization And Migration Services, Q1 2024*
NelsonHall NEAT Industry 4.0 – 2024*
Everest PEAK Matrix Pega Services PEAK Matrix® Assessment 2024
PAC RADAR SAP Services in Europe – PAC RADAR (internal use) – 2024
NelsonHall NEAT Cyber Resiliency 2024
Gartner Magic Quadrant Magic Quadrant for Outsourced Digital Workplace Services*
Avasant RADAR Hybrid Enterprise Cloud Services 2023–2024 RadarView™
Avasant RADAR Intelligent Automation Services 2023–2024 RadarView™
Everest PEAK Matrix Intelligent Process Automation (IPA) Solutions PEAK Matrix® Assessment 2024
Avasant RADAR F&A Business Process Transformation 2023–2024 RadarView™
NelsonHall NEAT Procurement Transformation 2024
HFS HFS Horizons HFS Horizons: Assuring the Generative Enterprise™, 2024
IDC MarketScape IDC MarketScape Worldwide Application Modernization Services to Azure Vendor Assessment*
IDC MarketScape IDC MarketScape: Worldwide Application Modernization Services to Google Cloud Platform 2024 Vendor Assessment*
IDC MarketScape IDC MarketScape Worldwide Application Modernization Services to AWS Vendor Assessment*
IDC MarketScape IDC MarketScape: Asia/Pacific (Excluding Japan) AI Services 2024 Vendor Assessment

*TCS rated #1 in the assessment.

IFRS Financial Statements

Consolidated Statements of Comprehensive Income

For the year ended March 31, 2023, and March 31, 2024

(In millions of $, except per share data)

FWM

FWM

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