India-based IT services provider Tata Consultancy Services Ltd (TCS) reported yesterday revenue rose 10.7% on a constant currency basis in its fiscal fourth quarter ended 31 March 2023.

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 1 June. 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.

Samir Seksaria, Chief Financial Officer, said, “FY 23 was a year of transition, as supply-side challenges abated while pandemic-depressed travel and discretionary spends normalized. We navigated this change well, without slowing down our investments in our people, research and innovation and intellectual property. Our longer term competitiveness remains intact, giving us industry-leading profitability even as we pursue our growth aspirations.”

On a full year basis, among major markets, North America grew 15.3%, UK grew 15% and Continental Europe grew 11%. In emerging markets, Latin America grew 17.3%, India grew 14.6%, Middle East & Africa grew 7.8% while Asia Pacific grew 7.6%.

Tata Consultancy Services shares closed yesterday at INR 3,241.65 (USD 39.55), up 0.86% on the day. The company has a market cap of INR 11.65 trillion (USD 142.15 billion).