TCS: Limited near-term growth visibility

Aims for 6.3% to 7.3% y-0-y revenue growth during FY25-26

- 

IN Q4FY24 TCS reported revenue at $7,363 million marking a 2.2% y-o-y increase and a 1.1% q-o-q growth in constant currency (cc).

This figure slightly fell short of the Bloomberg consensus of a 1.4% qo-q increase. Among key markets, the UK demonstrated robust growth with a 6.2% y-o-y rise, while North America experienced a decline of 2.3% y-o-y, all in cc. The manufacturing sector saw the most robust growth at 9.7% y-o-y, whereas the BFSI showed weakness with a decline of 3.2% y-o-y.