TCS director Keki Mistry flags volatility amid global conflicts and economic strain

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Tata Consultancy Services (TCS) independent director Keki Mistry, who chaired the company's 30th Annual General Meeting (AGM) on June 19, said that the IT services major has very little exposure to Iran and Israel but volatility across markets continue amid global conflicts and economic uncertainties.

Mistry was elected as the chairman to preside the AGM in absence of TCS chairman N Chandrasekaran, who skipped the shareholder gathering citing "some exigencies". Chandrasekaran is currently focusing on Tata Group's company Air India's recent plane crash that led to loss of over 270 people including passengers, cabin crew and others on ground.

Mistry's comments come at time when the IT services industry continues to see a challenging demand environment as clients remain wary of their technology budgets while trying to assess the impact of the US President Donald Trump's tariffs and other geopolitical disturbances including the Iran-Israel conflict.

Responding to one of the shareholder's queries, Mistry said, "On the Iran-Israel war -- our business exposure in this region is very low. There's heightened volatility across markets and industries due to various ongoing conflicts and economic uncertainties. We continue to stay close to our customers and help them navigate this extremely challenging environment."

In FY25, TCS crossed the $30-billion mark in revenues and the $20-billion mark in brand value. Overall, TCS reported a 4.2 percent growth in constant currency (CC) for the financial year 2024-25, the second consecutive fiscal of low single digit growth amid business uncertainties for the wider sector.

FY25 though was a tad better than the previous year when the company grew at 3.4 percent.

Also read: TCS sees GenAI as 'civilisational shift', crosses $30 billion revenue in FY25