The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.
Tata Consultancy Services (TCS) declared the financial results for the fourth quarter of fiscal year 2022-23 on April 12. Here are the key highlights.
The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.
"In my interactions with clients over the last quarter, the conversation starts and stops with 'ChatGPT'," said TCS COO NGSubramaniam. He added that the company will focus on "generative AI". Over the last 3-4 decades, "we have collected enormous data that we can cut, slice and dice and use how we want to"," he added, further stating that"we are using ML to see how we can raise the bar".
"People rushed to save costs. More sentiments at play than anything structural. Large bank clients are benefiting from increasing deposits in North America,"saidincoming TCS CEOKKrithivasan.
"This quarter has come in weaker than what was expected," Rajesh Gopinathan said, as he cited the financial volatility in the banking system of North America. "Difficult to call how long this will last out," he added.
"FY23 was a year of transition, as supply-side challenges abated while pandemic-depressed travel and discretionary spends normalized. We navigated this change well, without slowing down our investments in our people, research and innovation and intellectual property. Our longer term competitiveness remains intact, giving us industry-leading profitability even as we pursue our growth aspirations," TCS Chief Financial Officer Samir Seksaria said.
Incoming Tata Consultancy Services Chief Executive Officer K Krithivasan will take over the post on June 1, with outgoing CEO Rajesh Gopinathan staying on till September 15 to help with the transition.
"…we wish to inform that the Board of Directors of the Company have, at its meeting held today, appointed Mr. K. Krithivasan as the Chief Executive Officer and Managing Director of the Company to take over from Mr. Rajesh Gopinathan with effect from June 1, 2023, subject to approval of the shareholders," TCS said in a filing with the exchanges.
“During Q4 and through the year, we successfully delivered transformation programs of varying size and scale. Cloud and Data continue to generate huge demand both internally from a talent perspective and externally from a solutions point of view. We are embracing AI/ML holistically in our execution methods to leverage the huge data and metrics that we have on our delivery performance over decades, to generate insights and raise the bar on quality and experience to our clients,"NGanapathySubramaniam, TCS Chief Operating Officer and Executive 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," RajeshGopinathan, Chief Executive Officer and Managing Director of TCS, said.
For the entire fiscal, TCS has reported a revenue of Rs 2.25 lakh crore, which is 17.6 percent higher as against Rs 1.91 lakh crore recorded in FY22. The net profit in FY23 came in at Rs 42,303 crore, which is also higher as compared to Rs 38,449 crore in the previous year.
Key FY23 performance stats
-Revenue up 13.7% in CC terms
- INR Revenue at Rs 225458 croreup 17.6%
- Dollar revenue at $27,927 million,up 8.6% YoY
- Operatingmargin 24.1%
- 22,600 net additions during the year
- Global employee headcount at the end of Q4 is 6,14,795
- 821 net additions during the quarter after decline of 2,197 in the last quarter
- LTM Attrition dropped by 120 basis points and is at 20.1%
