N Chandrasekaran, CEO, Tata Consultancy Services (TCS), India’s largest IT services company, highlighted the significant impact that Generative Artificial Intelligence (GenAI) technologies will have on almost every industry and nation in the future. This is mentioned in the company’s annual report for 2024 published earlier this week.
According to an ET report, Chandrasekaran noted in his letter to shareholders, “Enterprises have already invested in cloud, data infrastructure and high-end computing power, which will support AI/GenAI. GenAI will not only improve productivity, but will also have an impact unlike anything we have ever seen or imagined.”
He further highlighted that companies around the world are prioritizing several megatrends, including artificial intelligence, novel energy, supply chain and talent, which will require significant investments in technology across sectors. In response to these rapid technological changes, TCS is making significant investments and expanding capabilities.
Read also | ‘Never before in India’s history…’: Economist Surjit Bhalla says unprecedented number of jobs have been created under Modi
In FY2024 (April 2023 to March 2024), TCS consolidated its expertise in artificial intelligence and cloud to create the AI.Cloud unit. CEO K Krithivasan also admitted that while GenAI adoption is still in its early stages, it is expected to revolutionize every industry.
Despite a slowdown in the previous financial year, TCS reported revenue growth of 6.8% to reach Rs 2.41 lakh crore, with a margin of 24.6% in FY24 and highest-ever order book of $42.7 billion total contract value (TCV). Based on these numbers, CEO K Krithivasan expressed optimism about the company’s medium to long-term growth prospects.
However, TCS expects that the uncertainty felt throughout the previous year will continue for the next few quarters. The company’s annual report says: “Capex investment is expected to remain subdued as companies focus on maximizing returns on existing investments, resulting in circumscribed spending on infrastructure, software and services.
Read also | Now the Indian government wants electronics manufacturers like Apple to design more in India
TCS also invests in upgrading the skills of its employees in the field of novel technologies, and employees completed over 51 million learning hours and acquired almost 5 million competencies in the financial year. As of March 2024, total headcount at TCS decreased by approximately 13,250 employees to 601,546 compared to the previous year.
With the requirement to return to the office five days a week, TCS reported that approximately 55% of its employees are working from the office on all working days of the week.
Over the last two decades, TCS has achieved a compound annual growth rate of over 18% in both revenue and net profits. CEO Chandrasekaran also highlighted that TCS retained its position as the second most valuable global IT services brand, with a valuation of $19.2 billion.
According to an ET report, Chandrasekaran noted in his letter to shareholders, “Enterprises have already invested in cloud, data infrastructure and high-end computing power, which will support AI/GenAI. GenAI will not only improve productivity, but will also have an impact unlike anything we have ever seen or imagined.”
Raise
He further highlighted that companies around the world are prioritizing several megatrends, including artificial intelligence, novel energy, supply chain and talent, which will require significant investments in technology across sectors. In response to these rapid technological changes, TCS is making significant investments and expanding capabilities.
Read also | ‘Never before in India’s history…’: Economist Surjit Bhalla says unprecedented number of jobs have been created under Modi
In FY2024 (April 2023 to March 2024), TCS consolidated its expertise in artificial intelligence and cloud to create the AI.Cloud unit. CEO K Krithivasan also admitted that while GenAI adoption is still in its early stages, it is expected to revolutionize every industry.
Despite a slowdown in the previous financial year, TCS reported revenue growth of 6.8% to reach Rs 2.41 lakh crore, with a margin of 24.6% in FY24 and highest-ever order book of $42.7 billion total contract value (TCV). Based on these numbers, CEO K Krithivasan expressed optimism about the company’s medium to long-term growth prospects.
However, TCS expects that the uncertainty felt throughout the previous year will continue for the next few quarters. The company’s annual report says: “Capex investment is expected to remain subdued as companies focus on maximizing returns on existing investments, resulting in circumscribed spending on infrastructure, software and services.
Read also | Now the Indian government wants electronics manufacturers like Apple to design more in India
TCS also invests in upgrading the skills of its employees in the field of novel technologies, and employees completed over 51 million learning hours and acquired almost 5 million competencies in the financial year. As of March 2024, total headcount at TCS decreased by approximately 13,250 employees to 601,546 compared to the previous year.
With the requirement to return to the office five days a week, TCS reported that approximately 55% of its employees are working from the office on all working days of the week.
Over the last two decades, TCS has achieved a compound annual growth rate of over 18% in both revenue and net profits. CEO Chandrasekaran also highlighted that TCS retained its position as the second most valuable global IT services brand, with a valuation of $19.2 billion.
India’s richest billionaires 2024: check the best list
