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The statistical figures of Tata Consultancy Services (TCS) for Q1-FY23 have reportedly showcased a mixed outcome of revenues surpassing estimates but with disappointing margins.
Aside from this, the company has confirmed that it would be focusing on the US market for FY23 to further its growth prospects, amid the economic crisis in Europe, driven by the conflict-ridden eastern region.
Notably, in the first quarter of this financial year, TCS’ business showcased a fall of 3.3% and 0.7% in the U.K. and Continental Europe respectively, whereas a year-over-year growth rate of 12.6% and 12.1% was observed in both markets.
The shift of focus is a comparatively bigger concern for TCS as opposed to other top industry players, given that 30% of the company’s revenue is generated from Europe. Even though North America would work in the favor of its remunerations in the coming years, many analysts believe that the growth rate will be considerably slower in the second quarter of FY23.
The technology giant has claimed that many of its clients in Europe are skeptical due to the possibility of a deeper recession in the conflict-laden arena which may further delay the decision-making process thereby hampering the scope for remuneration.
Meanwhile, experts claimed that the company should stay hopeful of garnering decent profits as the demand is estimated to remain relatively strong unless a deep recession closes all the opportunities.
In addition, he pointed out that because of a higher concentration of its strengths in Europe, TCS is likely to face slightly more troubles in the region, but its strong foothold in North America will leave it unencumbered
Besides, the IT behemoth will also have to look out for its competitor, Accenture plc, which has reportedly gathered a double-digit revenue in Europe in Q3, on the back of expansion in the industrial, banking, retail & travel, and consumer goods sectors.
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