TCS’ move to opt for job cuts will have a cascading effect on other IT companies, who too have been launching various programs to improve operating margins in the past two years amid growth slowdown.
TCS’ move to opt for job cuts will have a cascading effect on other IT companies, which have also been launching various programs to improve operating margins in the past two years amid growth slowdown.
'This is driven by where there is a skill mismatch, or, where we think that we have not been able to deploy someone,' Krithivasan told Moneycontrol.
'It has not been an easy decision and one of the toughest I had to take', TCS CEO K Krithivasan said
Despite expecting decent growth in Q1 in the international markets, TCS saw project delays driven by the macroeconomic challenges that led to the negative growth, Krithivasan said.
The CEO says a $50-billion revenue target by 2030 is still a 'possibility'
BSNL deal revenue is set to taper, as TCS is expected to complete the project by Q4 or Q1FY26
In any given year, TCS gets about between 3,000 to 4,000 H-1B visas, says Krithivasan. At the end of the December quarte, TCS had a total of 6,07,354 employees
TCS’ order book in the Europe has hit an all-time high in Q3, says Krithivasan
TCS saw an increase in successful production deployment of Gen AI and AI engagements, leading to greater confidence for our clients, CEO K Krithivasan has said
TCS’ order book closed at $10.2 billion in Q3. The management said that the strong order book in Q3 is giving them “confidence and comfort on outlook for the future.”
Geographically, demand was led by India market, which grew 70.2 percent YoY in constant currency (CC) terms, followed by MEA at 15 percent, Asia Pacific at 5.8 percent and Latin America at 7 percent.
The company said that they have now over 600 AI/GenAI engagements deployed successfully in production or in various phases of development.
Tata Consultancy Services, scheduled to announce its earnings for Q2 on October 10, cancelled press conference and management interviews for the day.
The company reported total contract value of $8.3 billion in Q1, which has declined both on a YoY and sequential basis. In Q4, TCS had witnessed record high quarterly order book of $13.2 billion.
The Indian IT services bellwether is to announce its first quarter numbers on July 11, and it will be closely monitored to get a feel of the sector's prospects.
This toolkit will ensure governance checks and data security right from the design level, as customers develop AI-enabled applications and solutions, a top company executive told Moneycontrol.
The report also highlighted that over 86 percent of senior business leaders have already deployed AI to enhance existing revenue streams or create new ones.
Krithivasan also said that TCS is working on projects of generative AI and it has doubled quarter over quarter to be worth $900 million at the end of fourth quarter as reported by Financial Times. He said that the order flow to'increase significantly' for the next few quarters
The IT services major is expecting minimum 85% attendance of employees in office for them to receive full quarterly variable pay from here on
In terms of hiring experienced professionals, TCS will be taking a call on a quarterly basis depending on immediate demand and requirement, CEO and MD K Krithivasan said.
In an interview with Moneycontrol, TCS CEO K Krithivasan said he believes the new fiscal will be better than the previous one and that they will step up focus on regional markets.
TCS reported all-time high quarterly and full year deal wins at $13.2 billion, and $42.7 billion respectively.
Generative AI in most places is being used for experimentations and PoCs, it is too early call it mainstream or say it is causing reduction in workforce, he said
TCS CEO K Krithivasan expressed confidence that most employees will be back in the office in the next couple of quarters.