IT services giant Tata Consultancy Services Ltd. reported revenue rose 7% year over year on a constant currency basis to INR 593.81 billion (USD 7.24 billion) in its fiscal first quarter ended 30 June 2023.

Revenue was up 12.6% on a reported basis.

Among verticals, growth was led by life sciences and healthcare, which grew 10.1% in constant currency and the manufacturing vertical, which grew 9.4%, also in constant currency.

Among major markets, the UK led revenue growth with an increase of 16.1% in constant currency. North America grew 4.6%, and Europe grew 3.4%. In emerging markets, Middle East and Africa grew 15.2%, India grew 14%, Latin America grew 13.5%, and Asia Pacific grew 4.7%.

TCS reported headcount rose by a net 523 in the quarter to a total of 615,318.

TCS recently made headlines after it was found that a few senior executives at the company accepted bribes from staffing firms in exchange for providing jobs to their candidates. The group said the bribes represented a breach of the company’s code conduct but did not involve fraud by TCS or involve key managers. TCS also confirmed it took action against six employees and a few staffing firms following the incidents.

Tata Consultancy Services shares closed at INR 3,259.90 (USD 39.73), down 0.34% on the day and 8.81% below its 52-week high of INR 3,575.00 (USD 43.57), set on 16 February 2023. The company has a market cap of INR 11.97 trillion (USD 145.88 billion).