TCS revenue falls despite strong contract signings

Tata Consultancy Services reported Q1 revenue of INR 63,437 crores, up 1.3% year-on-year but down 3.1% in constant currency terms. Operating margin was 24.5% with net margin at 20.1%.

The company signed $9.4bn in new contracts, up 13.2% year-on-year, with North America contributing $4.4bn and financial services $2.5bn.

TCS cited ongoing delays in decision-making and project starts due to global conflicts, economic uncertainties and supply chain issues affecting growth.