Despite Fears of recession, Russia Ukraine War, and Soaring Inflation, TCS managed to have a strong order book of $10 Billion for this Q4 of 2023. It has signed a lot of big deals to accumulate to this 10 billion dollar order book.
TCS’s TCV or Total Contract Value for Quarter 4 was down by 11.5 Percent on a Year-on-Year basis when compared to $11.3 billion reported in Quarter 4 of 2022. The total Contract value for Fiscal Year 2023 is at $34.1 billion, which is down .5 billion US dollars from Fiscal Year 2022.
It has won big deals from Insurance giant Phoenix Group worth $723 Million, CTBC Bank, Bombardier, KeySight, Telefonica Germany, Bitcoin Suisse AG, etc just to name.
According to CEO of TCS Rajesh Gopinathan: “It is very satisfying to look back at our strong growth in FY2023, 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.”
He further Told, “Demand scenario is varying by market. At the start of the year, we expected North America to recover well, but that has not happened. Other markets have grown as expected. The UK has been strong, increasing positive growth in Europe,”
He told the reason for the weaker quarter is because of weaker demand from the North American region, especially in the banking domain. And It’s still uncertain how long It will last.
TCS CEO Rajesh Gopinathan reiterated: “Near term needs to be watched. Demand for tech-led transformation and optimization continues to be strong but requires a very nuanced approach by market and vertical.”
This quarter was very much impacted by the global banking crisis of SVB Bank, Credit Suisse, and Signature Bank to name a few. That has put a big dent in TCS revenue and Order Book.
CEO to be K Krithivasan who leads TCS’s Banking and Financial Services Insurance said, Because of bad sentiments BFSI Sector People rushed to save cost. And BFSI Sector contributed 38.5 Percent in TCS Quarter 3 Revenue.
In Quarter 4 FY2023, TCS was having more than 2000 plus Clients, With 60 Clients in the $100 Million,33 in the $50 Million, 291 in the $20 Million, 461 in the $10 Million band, and 1241 in the $1 Million Band.
