Tata Consultancy Services (TCS), the IT services firm, yesterday reported revenue improved 11.8% on a reported basis while revenue rose by 14.3% on a constant currency basis in its fiscal fourth quarter ended 31 March 2022. Net income was up 3.7%.

The group also reported revenue for the full year of USD 25.70 billion, up 15.9% on a reported basis and 15.4% on a constant currency basis.

Growth among markets was led by North America which grew 18.7%. The UK grew by 13%, Continental Europe grew by 10.1%. Among emerging markets, Latin America grew 20.6%, Middle East & Africa grew 7.3%, India grew 7%, and Asia Pacific grew 5.5%. 

On a full year basis, among major markets, North America grew 17.5%, Continental Europe grew 15.1% and UK grew 14.3%. In emerging markets, Latin America grew 18.2%, India grew 16%, Middle East & Africa grew 12.9% while Asia Pacific grew 6.7%.

In the fourth quarter, all verticals grew in the mid to high teens. Growth was led by Retail and CPG (consumer packaged goods) (22.1%), followed by the Manufacturing vertical (19%) and Communications & Media (+18.7%).

On a full year basis, growth was led by Retail and CPG (20.6%).

Demand continued to be strong during the quarter as well as the full year across all markets, industries, and services, with growth led by Cloud, Cyber Security, Enterprise Application Services and IoT & Digital Engineering.

In Q4, TCS added 35,209 employees on a net basis, the highest ever net addition in a quarter. Employee headcount stood at 592,195, a net addition of 103,546 during the year, another all-time high.

N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said, “It is immensely satisfying to close the year with robust, broad-based growth, industry-leading margins and the highest ever order book. During the year, we took on technologically challenging, industry-first transformational programs and brought to bear the full power of TCS’ capabilities and that of our partner ecosystem, to successfully deliver market-changing outcomes. Our continued investments in building newer capabilities, our passion for innovation, our contextual knowledge and most importantly, our self-belief have been key to this, and these position us very well for continued success ahead.”

Samir Seksaria, Chief Financial Officer, said, “While continuing to make all the investments needed to support our growth aspirations, we managed the headwinds this year to deliver an industry-leading operating margin yet again.”

Shares in Tata Consultancy Services closed yesterday at INR 3,699.0 (USD 48.59), up 0.5% on the day. The company has a market cap of INR 13.49 trillion (USD 177.21 billion).