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  • Revenue at $6,780 million | Growth of 10.2% YoY, +15.5% in CC

  • North America (+19.1% CC), Retail (+25.1% CC) lead among segments

  • Order Book at $8.2 billion | Book to Bill at 1.2

  • Stellar client metrics: 9 new clients added to the 100Mn+ band YoY; 19 clients added to the $50Mn+ band

  • Workforce crosses the 600K milestone: Headcount at 606,331

MUMBAI, July 8, 2022: Tata Consultancy Services (BSE: 532540, NSE: TCS) reported its consolidated financial results according to Ind AS and IFRS, for the quarter ending June 30, 2022.

Highlights of the Quarter Ended June 30, 2022

  • Revenue at $6,780 million, +10.2% YoY 

  • Constant Currency revenue growth: +15.5% YoY 

  • Operating Margin at 23.1%; contraction of 2.4% YoY

  • Net Income at $1,218 million | Net Margin at 18%

  • Net Cash from Operations at $1,388 million ie 114.1% of Net Income

  • Net headcount addition of 14,136 |Workforce strength: 606,331

  • Diverse and inclusive workplace: Women in the workforce: 35.5% | 153 Nationalities

  • Building a G&T workforce: 12 million learning hours clocked | 1.7 million competencies acquired

  • LTM IT Services attrition rate at 19.7%

  • Dividend per share: ` 8.00 | Record date 16/07/2022 | Payment date 03/08/2022

Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: “We are starting the new fiscal year on a strong note, with all-round growth and strong deal wins across all our segments. Pipeline velocity and deal closures continue to be strong, but we remain vigilant given the macro-level uncertainties. Our new organization structure has settled in nicely, getting us closer to our clients and making us nimbler in a dynamic environment. Looking ahead, we remain confident in the resilience of technology spending and the secular tailwinds driving our growth.”

N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, said: “We are pleased with our execution during the quarter wherein we successfully delivered several transformation programs. The investments we made on people, upskilling efforts and select lateral hiring et al helped manage the talent turnover with minimum impact on our operations. During the quarter, we have resumed in-person meetings, and hosted several clients at our facilities. We are bringing in more of our associates back to our development centres, and it is steadily increasing at all levels.  On the sustainability front, we have signed our commitment to SBTi version 5 standards during the quarter and are making steady progress towards our net zero journey with tremendous alignment to this initiative across our associates.”

Samir Seksaria, Chief Financial Officer, said: “It has been a challenging quarter from a cost management perspective. Our Q1 operating margin of 23.1% reflects the impact of our annual salary increase, the elevated cost of managing the talent churn and gradually normalizing travel expenses. However, our longer-term cost structures and relative competitiveness remain unchanged, and position us well to continue on our profitable growth trajectory.”

Milind Lakkad, Chief HR Officer, said: “Our investment in strategic talent development initiatives and the linking of learning to career development have energized our workforce. Following our annual compensation review, employees received salary increases of 5 to 8%, with top performers getting even bigger hikes. Our empowering, performance-driven work culture is helping us attract local talent across all our key markets. Continued hiring momentum resulted in a milestone quarter, with the employee strength crossing the 600,000 mark.”

Q1 Segment Highlights**

Industries:  Growth was led by Retail and CPG (25.1%), Communications & Media (+19.6%), Manufacturing vertical (+16.4%) and Technology & Services (+16.4%). BFSI grew +13.9% while Life Sciences and Healthcare grew +11.9%

Markets: Among major markets, North America led with +19.1% growth; Continental Europe grew +12.1% and UK grew +12.6%. In emerging markets, India grew +20.8%, Asia Pacific grew +6.2%, Latin America grew +21.6%, and Middle East & Africa grew 3.2%.

Services: There was strong, broad-based demand across the different services, led by Cloud, Consulting & Service Integration, Cognitive Business Operations and Enterprise Application Services. Key themes driving G&T demand in Q1 were customer experience, cloud transformation and sustainability.

  • Consulting & Services Integration: Saw strong growth led by finance and shared services, supply chain, next-gen enterprise transformation and cloud strategy and transformation.
  • Cloud Platform Services: Continues to experience strong growth as clients actively invest in hybrid cloud strategies and pursue multi-horizon cloud transformation initiatives. Infrastructure, application and data modernization, operating model transformations and business transformations drove growth. Hyperscaler partnerships continue to strengthen and expand from ongoing joint GTM initiatives.
  • Digital Transformation Services: Growth in Q1 was led by cloud ERP modernization using SAP S/4 HANA, Salesforce and digital process management services. TCS’ industry solutions powered by TCS Crystallus™ continued to resonate strongly with clients. TCS Interactive saw strong demand for design-led digital experience services across B2B, B2C and D2C initiatives and digital marketing. In cybersecurity, demand was driven by managed services in security support, upgrades and monitoring & operations, and areas like IAM modernization, Fraud Prevention & Digital Forensics. Cyber Defense Suite continues to gain adoption.
  • Cognitive Business Operations: Saw strong demand in areas like datacenter and network services, customer experience management, HR operations, supply chain, digital workplace and verticalized operations. Trends around vendor consolidation and integrated operations deals continue to strengthen. TCS’ contextual knowledge and assets like Cognix™, MFDM™ and ignio™ are helping it gain share in this segment.

** Year on Year Growth in Constant Currency terms

Research and Innovation

As on June 30, 2022, the company has applied for 6,752 patents, including 169 applied during the quarter, and has been granted 2,400 patents.

Human Resources 

TCS’ workforce stood at 606,331 as on June 30th, a net addition of 14,136 during the quarter. The workforce continues to be very diverse, comprising 153 nationalities and with women making up 35.5% of the base. 

TCS continues to invest in organic talent development as part of its expansion into the growth and transformation opportunity. In Q1, TCSers clocked 12 million learning hours, resulting in the acquisition of 1.7 million competencies. 

The company gradually accelerated its return to office program in Q1, with about 20% of the workforce now working from office. IT services attrition was 19.7% on the last twelve months’ basis.

Awards and Recognition  

Business Leadership:

  • Ranked #1 in customer satisfaction in the UK, for the seventh year by Whitelane Research, with an overall customer satisfaction score of 82%.

  • Ranked #1 by revenue in the UK across the entire technology ecosystem for the second year, in the 2022 TechMarketView UK Software and IT Services Supplier Rankings.

  • Ranked #2, up one place over the prior year’s position, in CRN’s 2022 Solution Provider 500 rankings of the top system integrators, service providers and IT consultants by revenue in North America.

  • Only brand from India in the Top 50 in the 2022 Kantar BrandZ Top 100 Most Valuable Global Brands; also ranked among the Top 10 fastest growing brands globally.

  • Won the Supplier of the Year award in the Large Category (by spend) at the 2022 Microsoft Supplier Prestige Awards.

  • Won a record of 3 awards at the India Risk Management Awards (IRMA) 2022 by ICICI Lombard and CNBC-TV18 for 'Masters of Risk in IT-ITes' under the Large Cap category and two specialized categories - Masters of Risk in Regulatory Compliance and Masters of Risk in Cyber Security
  • Won 6 Gold and 2 Silver awards at the 14th Annual 2022 Golden Bridge (Globee) Business and Innovation Awards in the following HR categories: Achievement of the Year in Learning and Development, Best Use of Reward and Recognition, Most Effective Use of HR Technology, Most Effective Use of Internal Communications, Human Resources Outstanding Performance of the Year and Human Resources Project or Initiative of the Year.

Innovation and IP

  • OmniStore™ won the Omnichannel Technology of the Year award from Retail Systems for delivering a seamless customer experience.

  • Quartz™ for Markets recognized as Best New Post Trade Solution of the Year by Financial Technologies Forum.

  • The TCS Smart Store solution won the Best Customer Solution award at the IoT Solution Awards 2022 during the IoT Solutions World Congress.

  • Won 5 Bronze awards for innovation and transformation at the Stevie American Business awards 2022 in the following categories: Lead Generation (TCS Insights to steer marketing enabled sales), Business or Competitive Intelligence (TCS Analytics Transformation), Personal Information (PI) Regulatory Compliance (TCS Privacy), Mobile On-Demand Application (TCS Mobility Solution) and Artificial Intelligence/ Machine Learning (TCS Virtual Assistant)

  • TCS Marketing Data Hub won the Economic Times DATA CON Awards 2022 for Automated Data Management.

  • CS Design Toolkit was awarded a Bronze award at the Stevie Awards Asia Pacific 2022 for Innovative Achievement in Customer Satisfaction.


  • TCS’ Technologies for Earth Regeneration & Rejuvenating the Atmosphere (TERRA) won the Excellence in Smart Tech Award under the established IT and technology services companies’ category at the IMC Digital Technology Awards 2021

  • TCS’ Food Digital Twin won the 2022 Vivekananda Sustainability Award for ‘Innovative Use of Technology for Environmental Improvement’

  • Won first place at the Celonis Ecosystem Hackathon for Smart Metering for Utilities to Reduce CO2 Emissions under the Use Case Ideation category

  • Named as one of the top 50 community-minded companies in the United States; recognized as the Information Technology Sector Lead for the fourth year and honored with the Strategic Volunteer Award for aligning employee volunteer time and talent with its strategic CSR programs.

  • Won the Gold award in the WASH Initiative category at the 6th CSR Health Impact Awards for TCS’ IoT-based smart water management solution in support of the Government of India’s Jal Jeevan Mission.


  • Won three 2022 Microsoft Partner of the Year awards in the categories: SAP on Azure, Retail & Consumer Goods, and Global SI & Advisory Digital Transformation.

  • Won two Google Cloud Partner of the Year 2021 awards in the categories: 

    Industry Solution Partner of the Year for Retail and Global Diversity & Inclusion Partner of the Year.

  • Won ANZ 2022 AWS Partners of the Year award in the category Global Systems Integrator.

  • TCS Interactive won the Digital Experience (DX) Partner of the Year 2022 award from Adobe.   

  • Recognized as Global Partner of the Year 2022 by Beyond Trust.

  • Won Pega's Industry Excellence Award for Financial Services at the PegaWorldiNspire 2022.

  • Awarded Partner of the Year 2022 by Creatio for outstanding commitment to partnership and implementation of solutions.

  • Named the 2021 IFS Solutions Partner Of The Year and Services Partner Of The Year.

  • Named Intel Global System Integrator Partner of the year 2022.

  • Won Qlik Global Transformation Awards 2022 for Partners Leveraging Active Intelligence for Transformation and Impact.

Industry Analyst Assessments

TCS was ranked a Leader in 31 competitive assessments published by leading research firms in Q1. In 7 of these, marked with an asterisk in the table below, TCS was positioned the foremost leader or ranked #1.


Report type



Market Share

Worldwide Services Market Shares, 2021: Year of Recovery as the Services Market Resumes Growth



UK SITS Ranking 2022*



Financial Services SITS Supplier Prospects 2022*



Banking Digital Services 2022–2023 RADARVIEW™



Banking Process Transformation 2022 RADARVIEW™


PEAK Matrix

Property and Casualty (P&C) Insurance BPS – Service Provider Landscape with Services PEAK Matrix® Assessment 2022



The Forrester Wave™: P&C Claims Management Systems, Q2 2022



ISG Provider Lens™ Retail Services - Managed Services – 2022*


PEAK Matrix

Life Sciences Operations PEAK Matrix® Assessment 2022*


PEAK Matrix

Healthcare Payer Digital Services PEAK Matrix® Assessment 2022



Travel and Hospitality Digital Services 2022–2023 RADARVIEW™


PEAK Matrix

Sustainability Enablement Technology Services PEAK Matrix® Assessment 2022



Risk and Compliance Services 2022 RADARVIEW™


Magic Quadrant

Magic Quadrant for Finance and Accounting Business Process Outsourcing



ISG Provider Lens™ Microsoft Ecosystem Partners - Microsoft 365 Services – UK 2022*


Magic Quadrant

Magic Quadrant for SAP S/4HANA Application Services, Worldwide



IDC MarketScape: Worldwide Adobe Experience Cloud Professional Services 2022 Vendor Assessment



IDC MarketScape: Worldwide Cloud Professional Services 2022 Vendor Assessment


Magic Quadrant

Magic Quadrant for Oracle Cloud Application Services, Worldwide


Top 10

HFS Top 10: Industry 4.0 Service Providers, 2022



IDC MarketScape: GCC Business and Industrial Internet of Things Consulting and Systems Integration Services 2022 Vendor Assessment*



The Forrester Wave™: IoT Consultancies in Asia Pacific, Q2 2022



Internet of Things Services 2022 RADARVIEW™



ISG Provider Lens™ Digital Engineering Services - Connected and Intelligent Operations - Process Industries – 2022



Applied AI and Advanced Analytics Services 2022 RADARVIEW™



The Forrester Wave™: Robotic Process Automation Services, Q2 2022


Market Share

Market Share Analysis: Application Implementation and Managed Services, Worldwide, 2021


Top 10

Asia/Pacific (Excluding Japan) Application Management Services Market Share, 2021: IDC's Top 10 Vendors



Cybersecurity Services 2022 RADARVIEW™


Magic Quadrant

Magic Quadrant for Data Center Outsourcing and Hybrid Infrastructure Managed Services, Worldwide*



Next-Gen Private/Hybrid Cloud - Data Center Solutions & Services 2022

IFRS Financial Statements

Consolidated Statements of Comprehensive Income

For the three-month periods ended June 30, 2021, and June 30, 2022

(In millions of $, except per share data)


Three-month periods ended June 30, 2021

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As of March 31, 2022, and June 30, 2022

(In millions of $)


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About Tata Consultancy Services

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.

A part of the Tata group, India's largest multinational business group, TCS has over 606,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading s