With global GDP growth slowing, India becomes a very important market: TCS Chairman N Chandrasekaran
At a time when the global economy is hurting from slow growth and high inflation, India has become a very important market as it is likely to be the fastest growing large economy during the year, Tata Consultancy Services (TCS) Chairman N Chandrasekaran said at the company's annual general meeting on June 9.
"The crisis that has come out of the Russia-Ukraine situation will dent the global growth we were seeing and further increase inflation. Currently facing a number of supply chain shocks, higher oil prices and semiconductor shortages to name a few," he said.
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"In this context, India becomes a very important market India will be in all likelihood the fastest growing major economy at an estimated 7.8 percent," he added.
Chandrasekaran also highlighted four important trends for the future. "First is digital transition, as it is a world that is totally determined and accelerated by AI/ML and data analytics. An energy transition, which is an irreversible move towards a green economy. A supply chain transition where the supply chain will get rebalanced for resilience. Finally, a talent transition ushering the coming age of the talent cloud, a diverse inclusive and a global talent pool that can be accessed across the globe," he said.
During the AGM, the company's Managing Director and CEO Rajesh Gopinathan highlighted that the milestone of $25 billion of annual revenue was achieved in FY22 -- on the back of the highest-ever incremental growth of revenue by $3.5 billion.
He also said that the company had achieved a net employee addition of 103,546, which was a record high during the year and more than 200,000 women are part of the 500,000 plus workforce.
"We have more than 1,200 customers that contribute more than $1 million of revenue to the company. Today, we have 58 customers for whom we generate more than $100 million in annual revenue," the TCS CEO said.
"FY22 saw very strong deal wins. With an order book of $32.6 billion which is 1.3x the revenue, we have laid a strong foundation for future growth," he added.
During FY22, growth was led by retail and Consumer Packaged Goods (CPG), which registered a 20.6 percent increase, manufacturing (up 19.4 percent), life sciences and healthcare (up 19.2 percent).
The BFSI segment in the full year grew 16.7 percent, while technology and services vertical registered a 15.8 percent growth, and the communications and media segment grew 14 percent over the previous year.
In FY22, TCS filed for 704 patents and received a grant for 437 patents. During the course of last year, the company spent Rs 2,242 crore in research and innovation activities.