IT services provider Tata Consultancy Services Ltd. reported revenue rose 10.7% on a constant currency basis in its fiscal fourth quarter ended March 31.
Growth was led by the UK region, where revenue was up 17%; the retail and consumer packaged goods segment, up 13%; and life sciences, up 13%. TCS also noted a net addition of 821 employees in the quarter.
TCS also announced its board appointed K Krithivasan as CEO and managing director of the company. He takes over from Rajesh Gopinathan effective June 1. The company had announced the leadership change previously.
“It is very satisfying to look back at our strong growth in FY 2023, on top of the mid-teen growth in the prior year,” Gopinathan said. “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 also said he would work with Krithivasan over the next few months to ensure a smooth and seamless transition.
Share price and market cap
Shares in TCS closed today at 3,241.65 Indian rupees (US$39.50), 10.78% above their 52-week low, according to FT.com. The company had a market cap of 11.76 trillion Indian rupees (US$143.3 billion).