TCS Crosses $30 Billion Revenue Milestone, Strong Order Book Reinforces Confidence in Long-Term Resilience

Highlights

• FY 25 Revenue $30.18 Bn, Growth +3.8%YoY, + 4.2% in CC
• Growth led by strong double-digit growth in Regional Markets: + 37.2% YoY
• Growth led by Energy, Resources and Utilities (+5.1%), Manufacturing (+2.9%) among Industry Verticals
• IOT/DE, Enterprise Solutions and AI.Cloud led the growth among Service Lines; Seeing strong and increasing traction in AI-adoption
• Operating Margin at 24.3%; Net Margin at 19.0%
• Strong TCV performance at $39.4 billion for FY25 and at $12.2 billion for Q4
• All Major Markets Grew Sequentially

Press release

MUMBAI, April 10, 2025: Tata Consultancy Services (BSE: 532540, NSE: TCS) reported its consolidated financial results according to Ind AS and IFRS, for the quarter and full year ending March 31, 2025.

FY 2024-25: Annual Highlights	Q4 FY 2025: Quarterly Highlights
Client metrics: 64 clients in the $100 Mn+ band (+2 YoY) Employee Metrics: Employee Headcount: 607,979 152 nationalities; 35.2% women IT Services Attrition (LTM): 13.3% Talent Development: 56 million Learning Hours 5.2 million Competencies Acquired Free Cash Flow: $5.49 Bn Shareholder payout of $5.26 Bn in the form of dividends	Revenue at $7.47 Bn, +1.4% YoY (CC: 2.5%) Growth led by Regional Markets (+22.5%), ERU (4.6%), and BFSI (+2.5%) YoY Operating Margin: 24.2% Net Margin: 19.0% Strong Cash conversion: Operating Cash Flow 125.1% of Net Income Record Q4 TCV at $12.2 billion, Book-to-bill ratio of 1.6 Final Dividend (proposed): ₹30 per share, to be approved at the Annual General Meeting

K Krithivasan, Chief Executive Officer and Managing Director, said "We are pleased to cross the $30 Billion in annual revenues and achieve a strong order book for the second consecutive quarter. Our expertise in AI and Digital Innovation, coupled with the unmatched knowledge of customer context and global scale makes us the pillar of support for our customers in this environment of macroeconomic uncertainty. We remain committed to staying close to our customers and helping them achieve their core priorities."

Samir Seksaria, Chief Financial Officer, said "In FY25, our disciplined execution and operational rigor stood out again, as we defended our industry-leading margins while continuing with our investments in talent and capability building. We delivered robust profitability and cash flows this quarter in a very challenging environment without compromising on the right investments in our people, innovation and infrastructure for long-term value creation."

Milind Lakkad, Chief HR Officer, said"Our trainee onboarding in FY25 was 42,000 as planned. We won the Enterprise-Wide Top Employer Certification from the Top Employers Institute. This milestone builds on TCS's achievements as a Global Top Employer for 2025, marking an unbroken record of receiving this distinction over a decade. We continue to enjoy the pride of place as the employer of choice, and the industry-best retention rate by prioritizing a culture of professional and personal growth, wellbeing, and purpose-driven engagement for our associates."

Q4 and Full Year Segment Highlights

Growth by Domain

Industry	Composition (%)		Y-o-Y CC Growth (%)	Composition (%)		Y-o-Y CC Growth (%)
	Q4 FY24	Q4 FY25		FY 2024	FY 2025
BFSI	31.3	31.2	2.5	32.0	30.9	0.7
Consumer Business	15.7	15.3	-0.2	15.8	15.3	0.3
Life Sciences & Healthcare	10.9	10.1	-5.6	10.9	10.4	-1.6
Manufacturing	8.8	8.4	-2.9	8.6	8.5	2.9
Technology & Services	8.2	8.1	1.1	8.5	8.1	-1.3
Communication & Media	6.6	5.8	-9.8	6.8	5.9	-9.5
Energy, Resources and Utilities	5.6	5.7	4.6	5.6	5.7	5.1
Regional Markets & Others	12.9	15.4	22.5	11.8	15.2	37.2
Total	100.0	100.0	2.5	100.0	100.0	4.2

Growth by Markets

Geography	Q4 FY24 (%)	Q4 FY25 (%)	Y-o-Y CC Growth (%)	FY 2024 (%)	FY 2025 (%)	Y-o-Y CC Growth (%)
Americas
North America	50.0	48.2	-1.9	51.1	48.2	-1.8
Latin America	2.0	1.8	4.3	2.0	1.9	6.0
Europe
UK	16.8	16.8	1.2	16.5	16.8	4.0
Continental Europe	14.6	14.3	1.4	14.9	14.3	0.7
Asia Pacific	7.8	8.1	6.4	7.8	8.0	6.8
India	6.7	8.4	33.0	5.6	8.6	62.6
MEA	2.1	2.4	13.2	2.1	2.2	11.2
Total	100.0	100.0	2.5	100.0	100.0	4.2

Services

Clients prioritized initiatives that delivered cost optimization, business agility, and improved security and compliance posture.

The growth for the quarter was led by IoT & DE, Enterprise Solutions and AI.Cloud.

Win themes across key deals involved Vendor Consolidation, Technology modernization, CX transformation, Data for AI and AI for IT.

TCS won NVIDIA Rising Star Partner of the Year Award for AI Innovation and Excellence.

AI.Cloud:

Clients continued to scale up their investments in AI and GenAI. We gained significant traction for our GenAI and Agentic AI services and solutions across industries and markets. For example, A large utility company in North America chose TCS to build and train AI models using data from LiDAR, satellite imagery, weather patterns, vegetation characteristics and wide-fire incidents. This will then be used to improve pre-trim inspections, trim prescriptions, budgeting, forecasting, and early risk prediction, helping utilities and communities manage vegetation and reduce hazard. Our AI for Business engagements continues to show significant growth quarter on quarter. For example, for a leading global OTT and big tech firm, we built a GenAI based movie script analyzer, that generates insights based on viewership data, movie scripts/content and enables our client to deliver a personalized, safe, authentic and engaging viewing experience.

During FY25, we made great strides in reimagining Software Engineering through AI. Over a third of our client engagements use AI/GenAI for accelerated project outcomes and high quality. For a global financial services major, we are using a combination of GenAI and TCS Mastercraft^TM to migrate over 50 million lines of COBOL code to Java.

We also enhanced our WisdomNext^TM2.0 platform with agentic capabilities. It now offers faster onboarding, centralized governance, enhanced security guardrails, and a wide spectrum of pluggable industry solutions to accelerate innovation.

Cloud services continued to see good traction in Legacy Modernization, Data Platform Modernization and Technology Landscape Simplification.

Cyber Security:

This quarter, we continued to see good traction for Cybersecurity services. Our clients focused on Managed Detection & Response (MDR), Identity and Access Management and Governance, Risk & Compliance (GRC). We had good traction in Network Security, Cloud Security and GenAI for Cybersecurity. Amongst industries Life sciences, healthcare, communications and media led growth.

TCS Interactive:

Market demand for Digital Interactive Services has seen good growth this quarter. Marketing optimization is being driven through adoption of AI while underlying need for improving CX, and Data readiness continues to present us with new opportunities. We are positioning ourselves with broad theme of "Creative Engineering powered by AI". Our continued focus on creating demand by connecting with new stakeholders within existing accounts has resulted in faster growth of our Top of the funnel.

IoT & Digital Engineering:

IoT and DE saw very good growth this quarter. Clients continue to invest in Smart Manufacturing, Connected IoT Services, Energy management and Digital Thread. We see significant market demand for cost optimization efforts across Engineering and Manufacturing. Among industry groups, Utilities, Energy and Technology Software & Services saw greater traction. Growth in markets was led by North America, UK and Latin America.

Enterprise Solutions:

Overall, we saw good growth this quarter. Growth was led by Technology, Services and BFSI industries. As AI/GenAI revolutionizes industries, processes such as finance, procurement, supply chain, and customer support are being redefined for business growth. Our strategy to leverage TCS Crystallus^TM and deep industry insights to accelerate digital transformation and sustainability, is finding great resonance amongst clients. We are enhancing Crystallus^TM with AI/GenAI. We are also building advanced productivity solutions for ERP and Low Code No Code migrations.

Cognitive Business Operations:

This quarter we saw a good number of deals in Business Process services led by F&A, HR and CX practices. Key demand themes were AI driven transformation, operating model transformation, and first-time outsourcing. We are investing in building an Agentic AI farm with over 150 agents across F&A, Supply Chain, Sourcing & Procurement, HR and CX, to enable customers in their journey towards "Autonomous GBS".

Key Highlights

• Announced strategic partnership with Google Cloud to enhance its AI and GenAI offerings for customers in the communication, media, and information services industry. This partnership is aimed at accelerating AI adoption for telecommunication enterprises by combining TCS' deep domain expertise with Google Cloud's robust platform.
• Signed an agreement to modernize the depository system of Muscat Clearing and Depository (MCD), Oman's central securities depository. TCS will implement TCS BaNCS^TM for Market Infrastructure and Quartz^TMto future-proof MCD's operations.
• Partnered with The Cumberland Building Society in the UK to modernize its core banking ecosystem. Through this collaboration, TCS will deploy its state-of-the-art digital banking solution, TCS BaNCS^TM for Core Banking, along with TCS Digital Home Lending Solution, and Quartz for Compliance, to drive innovation and operational efficiency.
• Signed an agreement to drive end-to-end IT transformation of UPM, a global company with a business portfolio of decarbonization solutions, advanced materials, renewable fibres, and communication papers, based on sustainable, renewable feedstock. The digital transformation will help drive growth for UPM, enhance user experience, and boost adoption of an AI-first operating model. TCS will deploy its AI-powered autonomous enterprise platform ignio^TM. The platform will improve operational efficiency, enable continuous improvement, and increase IT system readiness and reliability.
• Announced collaborative engagement​ with MassRobotics, the largest independent robotics hub in the world dedicated to advancing robotics and connected devices. Through this collaboration, ​TCS aims to support their mission to foster robotics innovation by engaging with startups, researchers, and industry leaders exploring applications focused on various sectors.
• Extended partnership with DNB Bank ASA and will continue as latter's strategic partner and support the digital modernization journey while enhancing cost efficiency targets. In addition, TCS will deploy next-generation technology for DNB's modernization initiatives by maintaining and developing new applications, strengthening security capabilities, and providing insights on next-generation technologies, including AI and quantum computing.
• Signed a five-year partnership with Air New Zealand to modernize the airline's digital infrastructure and position it at the forefront of AI-driven innovation. This collaboration aims to enhance Air New Zealand's digital capabilities, improve customer experience, and drive operational efficiencies across various aspects of its business, including fleet management, crew scheduling, and ground services.
• Partnered with Vantage Towers, Europe's second-largest telecom tower operator with a network of86,000 sites, to launch a digital service platform aimed at transforming the experience of property owners that lease land for telecom tower installations. The partnership aims to streamline service processes for property owners, enhance retention, and strengthen telecom site partnerships for Vantage Towers across Europe. TCS will also deploy TCS Crystallus^TMfor Telecom, an industry-specific offering designed to accelerate digital transformation.
• Expanded deal with Northern Trust, a global financial institution, to centralize and standardize its custody operations across 99 direct and global markets by deploying its comprehensive TCS BaNCS^TM Global Securities Platform.
• Expanded strategic partnership with a leading German automotive financial services company to modernise and optimise the latter's platform operations. As part of the multi-year deal, TCS will help drive operational resilience with the power of cloud, while tapping into its proven automation and AI solutions to improve scalability and efficiency. This nimble and digital-first approach will empower the financial services' IT function to enable business achieve faster time to market and accelerate growth.
• Selected by a leading US payment services firm as a strategic partner to integrate and build synergies within its print and remittance services. As part of the engagement, TCS will help the client transform the legacy environment, reduce PCI vulnerability, improve infrastructure availability, while ensuring enhanced operational efficiency and lower cost. With its proven MFDM approach, increased automation and CMDB enhancement, TCS will enable the financial institution to take its IT operations into the future. TCS' contextual knowledge and AI expertise will be the key drivers of this transformation journey, as the client looks to automate business operations with the power of GenAI.
• Selected by Avianca, one of Latin America's leading airlines, TCS will continue supporting the digital transformation process that began seven years ago. Through this new agreement, TCS will provide cloud-based, data-driven, and AI-based services, consolidating its role as a key partner in the airline's modernization process across various business areas.
• TCS and Olympus have extended their strategic partnership for another five years to deliver IT application services across the U.S. and EMEA regions, along with IT infrastructure services in EMEA. As part of this renewed collaboration, TCS will accelerate the adoption of automation and AI in run operations to enhance efficiency, resilience, and build an AI-first, future-ready digital core. This initiative reflects the shared commitment of both organizations to continuous innovation and transformation, while reinforcing business value across the full spectrum of TCS' managed services.
• Selected by a large US based consumer finance company focused on vehicle finance to future-proof the IT function and build a resilient framework through vendor consolidation and application simplification. As part of this multi-year partnership, TCS will provide Database Administration services (DBA), application support, data and analytics services by leveraging its Application Resource Management (ARM), Application Management Services (AMS) and its proprietary solution including ignio^TM AIOps from the Digitate suite of offerings. TCS will also provide project management services to drive digital transformation and business agility for the financial services company.
• A leading multinational QSR chain has selected TCS as the strategic partner for transforming and managing its IT landscape and operations. TCS will manage and modernize the application & infrastructure portfolio and implement a product-based operating model for providing service desk and cybersecurity services across the enterprise. Leveraging TCS' Cognix^TM and ignio^TM, the program will focus on technology renovation and automation, enhancing store productivity, and optimizing operations. This will enhance business agility, improve operational efficiency, unlock the potential of technology to enable growth across channels and markets.
• A leading innovative manufacturing company has selected TCS as the S/4 HANA rollout partner for their plants in the Americas and APAC region. TCS will leverage its industrialized rollout approach to deploy the global S/4HANA template to over 25 Factories globally. As a part of this project. TCS will set up the Digital Core with simplified and harmonized business processes across functions such as Finance, Sales, Procurement, Operational planning, Production Logistics, Manufacturing Execution, Logistics, Quality Management, Export Control, and Production services.
• A large North American convenience retailer has selected TCS' AI powered Clever Energy^TMto accelerate their net zero journey. TCS will implement the award-winning enterprise-level energy and emission management system leveraging IoT, edge, and AI-based analytics to achieve energy efficiency across stores. TCS will also set up a command centre, to analyse the data from stores, recommend Energy Conservations Measures (ECM), track the implementation and report the associated energy savings delivered.

Customer Speak

"TCS is experienced in deploying mission-critical solutions across the globe, with several implementations in Middle Eastern as well as global markets. We are pleased to collaborate and enter a longstanding partnership with TCS in this modernization initiative for Oman's capital market infrastructure. MCD aims to enhance market functionality, introduce advanced features for participants, and facilitate the expansion of our capital markets by leveraging TCS' expertise."

Mohammed Al Abri, CEO, Muscat Clearing & Depository

"At UPM, we are striving to build a human centric yet business-oriented IT infrastructure. Through this partnership, we are seeking to provide effortless information technology that is cost-effective and scalable, utilizes the most recent AI and automation solutions and offers value-based delivery, and end-to-end accountability. We have been impressed by the wide industry and technology expertise that the TCS team has demonstrated and are looking forward to seeing how this collaboration will help us reach our ambitious targets."

Turkka Keskinen, Chief Information Officer at UPM

"We are very pleased with the decision to continue our partnership with TCS for an additional five years. We already have a long-standing and proven relationship where TCS has helped enable some of our biggest transformations and innovations over the past twelve years. We look forward to seeing what we can achieve together in the future."

Elin Sandnes, Group EVP of Technology & Services, DNB

"Long-term relationships with our landlords are a win-win-situation for both sides and, in addition, the foundation for a successful network expansion and digitalization in Europe. This joint project underscores our commitment to operational excellence and reinforces our promise of stable partnerships based on high-quality service experience and transparency."

Tobias Steinig, Chief Digital Officer at Vantage Towers

"As liquidity demands continue to drive shortened settlement cycles, it's critical for market participants to have resilient interoperable solutions that seamlessly integrate with corporate action and income processing. Our partnership with TCS BaNCS^TM strengthens our ability to support clients in navigating these evolving market dynamics, ensuring efficiency, accuracy and risk mitigation throughout the trade settlement lifecycle."

Jennifer Driscoll, Head of Market Operations at Northern Trust

"We are building the Coop of the future and using the latest technology to offer a shopping experience customers will keep coming back for. To realize our vision, our digital transformation must continue. We are delighted to extend our strategic partnership with TCS to accelerate our journey, innovate, and create value for our two million members."

Lars Ole Dybdal, Chief Technology Officer, Coop Danmark

"Leveraging TCS' expertise in cutting-edge technologies will help us enhance the customer experience, streamline operations, and reinforce our commitment to cybersecurity and data protection. This collaboration aligns with our vision to be a digitally enabled airline of the future. We began working with TCS in September 2024 and in just a few short months, we've seen the benefits of tapping into the depth and breadth of talent and expertise they have when it comes to digital solutions. Going forward, TCS will be an instrumental partner in helping us deliver our Cargo Digital Transformation and improvements to our Digital Retail capability. We're excited about the benefits this partnership will bring for our customers and the aviation industry."

Greg Foran, Chief Executive Officer, Air New Zealand

"This partnership is about more than technology-it's about aligning with a company that shares our values and commitment to customers, colleagues, and communities. For 175 years, our customers have been at the heart of everything we do. Ultimately, this transformation ensures we remain a strong and sustainable Society for the next 175 years. Our colleagues are excited to be working with TCS to provide a resilient modern banking solution for the benefit of our customers."

Des Moore, Chief Executive at The Cumberland

Research and Innovation

As on March 31, 2025, the company applied for 8,816 patents, including 267 applied during the quarter, and has been granted 4,820 patents including 235 granted during the quarter.

Human Resources

TCS' workforce stood at 607,979 as on March 31^st. The employee base has 35.2% women and with 152 nationalities.

Year till date, TCSers have clocked 56 million learning hours, and acquired 5.2 million competencies. IT services' attrition was at 13.3% for the last twelve months.

Awards and Recognition

• TCS ranked #2 global IT services brand by Brand Finance 2025 rankings with a brand valuation of $21.3 billion
• FORTUNE Magazine lists TCS amongst World's Most Admired Companies for 2025
• TCS ranked #2 in market share by Pierre Audoin Consultants (PAC) in their list of Top 10 IT Services Worldwide
• TCS named Global Top Employer for 2025 and achieved a new milestone by earning Enterprise-Wide Top Employer Certification from the Top Employers Institute
  • TCS recognized as Top Employer 2025 bythe Top Employers Institute in Europe
  • TCS recognized as Top Employer 2025 by the Top Employer Institute in North America and Canada
  • TCS recognized as Top Employer 2025 by the Top Employer Institute in Singapore and Philippines
• TCS is recognized by Forbes as a leading management consulting firm in America
• TCS received the Finance Transformation Impact Award and Service Provider of the Year Award at the SSON Impact Awards - North America 2025
• TCS Ranked Europe's #1 IT Services Provider for Customer Satisfaction by Whitelane Research.
• Recognized as the NVIDIA Rising Star Partner of the Year Award at GTC 2025 for AI Innovation and Excellence
• TCS IoT & Digital Engineering received IoT Breakthrough Award for its implementation of Rental Telematics 4.0
• TCS recognized with Microsoft Advanced Security Specialization in 'Cloud Security'
• TCS Malaysia recognized at 17th Annual Global CSR & ESG Awards 2025
• TCS received the 'Liferay Partner of the Year - 2024 for the APAC region', recognizing top-tier service, increase in revenue, and expansion of customer base

Industry Analyst Assessments

TCS was ranked a Leader in 25 competitive assessments published by leading research firms in Q4 FY25. In 4 of these, marked with an asterisk in the table below, TCS was positioned the foremost leader or ranked #1.

Analyst Firm	Firm Wise Report Type	Report Title
Everest	PEAK Matrix	Life and Annuities (L&A) Insurance BPS and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2025*
Everest	PEAK Matrix	Custom Application Development Services PEAK Matrix® Assessment 2025*
NelsonHall	NEAT	Cognitive & Self-Healing IT Infrastructure Management 2025*
Gartner	Magic Quadrant	Magic Quadrant for Outsourced Digital Workplace Services*
PAC	Ranking Report	Software & IT Services - Vendor Rankings Calendar Year 2024 - Worldwide
Avasant	RADAR	High-Tech Industry Digital Services 2024-2025 RadarViewTM
Everest	PEAK Matrix	Supply Chain Transformation Services for Retail and CPG PEAK Matrix® Assessment 2025
Avasant	RADAR	Life Sciences Digital Services 2025 RadarViewTM
NelsonHall	NEAT	Core Banking Services 2025
NelsonHall	NEAT	P&C Operations: Analytics & AI 2025
Everest	PEAK Matrix	Sustainable Engineering Services PEAK Matrix® Assessment 2025
Everest	PEAK Matrix	Sustainable IT Services PEAK Matrix® Assessment 2025
HFS	HFS Horizons	HFS Horizons: Generative Enterprise Services, 2025
Forrester	Wave Report	The Forrester WaveTM: Application Modernization And Multicloud Managed Services, Q1 2025
PAC	RADAR	Google Cloud Platform (GCP) IT Ecosystem in Europe 2025
IDC	MarketScape	EMEA Industry Cloud Professional Services 2024-2025 Vendor Assessment
IDC	MarketScape	Worldwide Industrial IoT Engineering and Managed Services Vendor Assessment
IDC	MarketScape	Worldwide Industrial IoT Consulting and Integration Services 2025 Vendor Assessment
Everest	PEAK Matrix	Industry 4.0 Services PEAK Matrix® Assessment 2025
IDC	MarketScape	Worldwide SAP Implementation Services 2025 Vendor Assessment
HFS	HFS Horizons	Salesforce Service Providers, 2025
Everest	PEAK Matrix	Application Management Services PEAK Matrix® Assessment 2025
Everest	PEAK Matrix	Managed Detection and Response (MDR) Services PEAK Matrix® Assessment 2025
Avasant	RADAR	Finance and Accounting Business Process Transformation 2024-2025 RadarViewTM
Gartner	Magic Quadrant	Magic Quadrant for Retail Core Banking Systems, Europe

IFRS Financial Statements

Consolidated Statements of Comprehensive Income

For the year ended March 31, 2024, and March 31, 2025

(In millions of $, except per share data)

	Year ended March 31, 2024		Year ended March 31, 2025
	Ex Adj*	Reported
Revenue	29,080	29,080	30,179
Cost of revenue	17,335	17,335	18,438
Gross margin	11,745	11,745	11,741
SG & A expenses	4,587	4,702	4,393
Operating income	7,158	7,043	7,348
Other income (expense), net	451	441	374
Income before income taxes	7,609	7,484	7,722
Income taxes	1,963	1,919	1,954
Income after income taxes	5,646	5,565	5,768
Non-controlling interests	23	23	29
Net income	5,623	5,542	5,739
Earnings per share in $	1.54	1.52	1.59

*Excludes settlement of legal claim

Consolidated Statements of Comprehensive Income

For the three-month periods ended March 31, 2024, and March 31, 2025

(In millions of $, except per share data)

	Three-month periods ended March 31, 2024	Three-month periods ended March 31, 2025
Revenue	7,363	7,465
Cost of revenue	4,334	4,570
Gross margin	3,029	2,895
SG & A expenses	1,115	1,088
Operating income	1,914	1,807
Other income (expense), net	113	93
Income before income taxes	2,027	1,900
Income taxes	523	475
Income after income taxes	1,504	1,425
Non-controlling interests	8	7
Net income	1,496	1,418
Earnings per share in $	0.41	0.39

Consolidated Statements of Financial Position

As of March 31, 2024, and March 31, 2025

(In millions of $)

	As of March 31, 2024	As of March 31, 2025
Assets
Property and equipment	1,346	1,514
Right-of-use Assets	946	1,086
Intangible assets and Goodwill	539	580
Accounts Receivable	5,343	5,880
Unbilled Revenues	1,834	1,811
Invested Funds	5,633	5,526
Other current assets	1,092	1,458
Other non-current assets	1,083	1,076
Total Assets	17,816	18,931
Liabilities and Shareholders' Equity
Shareholders' Funds	11,104	11,337
Current liabilities	5,529	6,202
Non-current liabilities	1,082	1,270
Non-controlling interests	101	122
Total Liabilities	17,816	18,931