Infosys records highest ever yearly TCV at $17.7 bn; posts $4.5 billion in Q4

Infosys

India’s second-largest IT services company Infosys on April 18 reported its highest ever large deal total contract value (TCV) at $17.7 billion for FY24, with 52 percent being net new.

The company recorded large TCV deals worth $4.5 billion for the fourth quarter ending March 31, 2024. This was despite a challenging macroeconomic environment and an ongoing slowdown in discretionary spending.

Infosys discloses only its large deal TCV and not the entire TCV value.

The company had won $3.2 billion worth of large TCV in the December quarter. The Bengaluru-based company won large TCV worth $9.8 billion in FY23.

The company’s previous best was in FY21, when it won large TCV worth $14.1 billion.

In geographies, North America declined by 2.2 percent YoY in constant currency (CC) terms. Share of North America stood at 59.6 percent in Q4FY24, as against 61 percent in the same period of last year.

Europe, which accounts for almost 30 percent of revenue, grew by 4.9 percent for the quarter, in CC terms. The share of Europe in revenue currently stands at 28.6 percent.

Rest of the world grew by 4.5 percent YoY to 9.6 percent, in CC terms.

Among verticals, financial services declined by 8.5 percent YoY in Q4, in CC terms. Financial services is Infosys' largest vertical accounting for over 26 percent in Q4FY24.

Retail, which accounts for nearly 15 percent of the company's revenue, declined by 3.7 percent YoY in Q4 in CC terms.

In February, Infosys signed a multi-year digital transformation contract with Singapore-based shipping company Pacific International and also to revamp its consumer portal.