TCS FY2024 revenue hits $29.08Bn amid discrimination lawsuit
MUMBAI, INDIA — Tata Consultancy Services (TCS), a leading IT services provider, announced its financial results for the quarter and full year ending March 31, 2024, showcasing a year of strong growth and record achievements.
In its latest financial report, TCS revealed a full-year revenue of $29.08 billion, marking a year-over-year growth of 4.1% in USD terms and 3.4% in constant currency.
The company’s growth was predominantly led by strong performances in the United Kingdom and Regional Markets, with revenue increases of 10.1% and 19.8%, respectively.
Sector-wise, Energy, Resources, and Utilities led the charge with a 12.6% growth, followed by Manufacturing at 7.3%, and Life Sciences & Healthcare at 4.8%.
TCS also maintained its industry-leading margins, with an operating margin of 24.6% and a net margin of 19.3%. Additionally, the company’s net income for the fiscal year stood at $5.62 billion, representing a 7.8% increase from the previous year.
Commenting on the results, TCS Chief Operating Officer and Executive Director N Ganapathy Subramaniam said, “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.”
In a separate development, TCS faces a lawsuit filed by a U.S. citizen alleging discriminatory employment practices. According to a report by The Economic Times, the lawsuit accuses the company of favoring H-1B visa holders while targeting American workers for termination.
TCS has refuted the allegations and deemed them as “baseless and misleading.”
TCS ranked #45 on the OA500 2024, an objective index of the world’s top 500 outsourcing firms. The latest index puts TCS five places higher than last year when it ranked 50th.
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