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TCS CEO on Q1 results: ‘We’re happy, can't say company is on growth path again'
TCS CEO said, “We are in a happy situation with the results that we have got."
Tata Consultancy Services (TCS) CEO and MD K Krithivasan talked about the company's Q1 results which resulted in its share gaining in the stock market session today. India's top IT services firm reported first-quarter results that signalled early signs of revival for the sector as TCS showed growth across all verticals, excluding telecom, coupled with net hiring at a seven-quarter high. TCS Chief Executive K Krithivasan said that he expects FY25 to be better than the previous fiscal although market conditions are quite volatile.
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He told Economic Times, “We are in a happy situation with the results that we have got. We have never called out on the guidance or how things are going to be, but we have said that FY25 will be a better year than FY24, and we stick to that statement To me, it is too volatile to call out too clearly. I do not think we are in a position to say that we are on a growth path again."
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He further said, “The good news for us is all the industry verticals have grown and almost all industry verticals and all geographies have grown, that is the first positive sign we want to look at. We are also seeing that from the growth perspective, it is both kinds of projects. We are seeing good growth in discretionary projects as well. When I say growth, cost optimization, definitely has seen growth. Discretionary projects have maintained the status quo. Overall, we are in a happy situation with the results that we have got. We have never called out on the guidance or how things are going to be, but we have said that FY25 will be a better year than FY24, and we stick to that statement.”
Read more: TCS share price jumps after Q1 results, brokerages say 'worst is over' for the stock
Expressing some apprehension with respect to the Q1 results, he said, “We are not confident enough to call that or say that the market sentiment has changed for good…. So, we continue to win in the marketplace. But I do not want to call out that the pattern has changed for good and it will continue to be increasing trajectory. It will be a difficult call to make.”
