Revenue rose at Tata Consultancy Services Ltd. in its fiscal fourth quarter ended March 31. The pace of growth was down from a year ago but was up when compared to the third quarter. North American revenue at the IT services giant fell. Separately, media reports say the company was sued in by a US worker claiming bias in favor of H-1B visa holders.

Overall, fourth-quarter revenue rose 2.2% in constant currency to $7.36 billion. The increase was 2.3% on a reported basis.

The constant currency increase is up from the 1.7% year-over-year growth in its fiscal third quarter. But the fourth quarter’s pace was slower than the 2.8% year-over-year growth in the second quarter and 6.6% in the first quarter.

TCS also reported fourth-quarter 2024 revenue in North America fell 2.3% year over year in constant currency. Increases were seen in other geographies. The IT services giant reported its India market led growth with revenue up 37.9% year over year in constant currency. That was followed by the UK, where revenue rose 6.2%.

Looking at revenue growth by industry vertical, manufacturing led the way with a year-over-year increase of 9.7% in constant currency in the fourth quarter.

TCS’ workforce the end of March stood at 601,546, down from 603,35 in the third quarter and down from 614,795 in the fourth quarter of the previous year.

“In [fiscal year] 2024, our disciplined approach to operations have helped us expand our industry-leading margins,” CFO Samir Seksaria said in a press release. “In a challenging environment, we persisted with our long-term investments in workforce reskilling, research and innovation. We will continue to drive efficiencies and competitiveness to capture opportunities for growth with profitability.”

Full-year revenue rose 3.4% in constant currency, and gross margin improved. TCS noted net income rose 6.2%. However, net income would have risen 7.7% excluding the impact of a lawsuit by Epic Systems Corp., a Verona, Wisconsin-based provider of electronic medical records.

Separately, The Economic Times newspaper today reported that a US citizen sued the company in court alleging discriminatory employment practices, saying the company had a bias toward holders of H-1B visas while targeting American workers for termination. TCS referred the newspaper to a response refuting the allegations. Other complaints had been filed as well, according to reports.

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Share price

Shares in TCS closed up 0.42% to 4,001.40 Indian rupees (US$48.00). Shares were 5.95% below their 52-week high.