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 |
|
|
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.”
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 |
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 MastercraftTM to migrate over 50 million lines of COBOL code to Java.
We also enhanced our WisdomNextTM2.0 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 CrystallusTM and deep industry insights to accelerate digital transformation and sustainability, is finding great resonance amongst clients. We are enhancing CrystallusTM 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”.
"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 BaNCSTM 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
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.
TCS’ workforce stood at 607,979 as on March 31st. 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.
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 |
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 |
Year ended |
|
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 |
Three-month periods ended |
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 |
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) is a digital transformation and technology partner of choice for industry-leading organizations worldwide. Since its inception in 1968, TCS has upheld the highest standards of innovation, engineering excellence and customer service.
Rooted in the heritage of the Tata Group, TCS is focused on creating long term value for its clients, its investors, its employees, and the community at large. With a highly skilled workforce of over 607,000 consultants in 55 countries and 180 service delivery centres across the world, the company has been recognized as a top employer in six continents. With the ability to rapidly apply and scale new technologies, the company has built long term partnerships with its clients – helping them emerge as perpetually adaptive enterprises. Many of these relationships have endured into decades and navigated every technology cycle, from mainframes in the 1970s to Artificial Intelligence today.
TCS sponsors 14 of the world’s most prestigious marathons and endurance events, including the TCS New York City Marathon, TCS London Marathon and TCS Sydney Marathon with a focus on promoting health, sustainability, and community empowerment. TCS generated consolidated revenues of US $30 billion in the fiscal year ended March 31, 2025. For more information, visit www.tcs.com