Revenue at IT services giant Tata Consultancy Services Ltd. rose 8.4% as measured in US dollars in its fiscal third quarter ended 31 December 2022 to a total of $7.08 billion. The increase in constant currency at the Mumbai, India-based firm was 13.5%.

“Improved productivity, currency support and abating supply-side challenges helped expand our operating margin in Q3,” CFO Samir Seksaria said. “This gives us greater confidence in our ability to steer our profitability towards our preferred range while continuing to invest in building newer capabilities to support our growth and market share gains.”

CEO and Managing Director Rajesh Gopinathan said the company was pleased with its strong growth over a seasonally weak quarter.

By sector, growth was led by Retail and CPG (consumer packaged goods) (+18.7%) and Life Sciences & Healthcare verticals (+14.4%). Communications & Media grew +13.5% and Technology & Services grew +13.6%. Manufacturing grew +12.5% while BFSI grew +11.1%. All on a year on year and constant currency basis.

Among major markets, North America and the UK led with +15.4% growth over the year and on a constant currency basis. Continental Europe grew +9.7%. In emerging markets, Latin America grew +14.6%, India grew +9.1%, Asia Pacific grew +9.5% and Middle East & Africa grew +8.6%, on a constant currency and year-on-year basis.

“Looking ahead and beyond current uncertainties, our longer-term growth outlook remains robust,” Gopinathan said.

Tata Consultancy Services shares closed at INR 3,319.95 (USD 40.36), up 2.96% on the day and 13.46% above the 52 week low of INR 2,926.10 (USD 35.57) set on 26 September 2022. The company has a market cap of INR 11.75 trillion (USD 142.84 billion).