The chairman and the CEO of the company wrote a letter to the shareholders, here are the key highlights from it:
N Chandrasekaran, Chairman, TCS
ETtech
‘I would like to thank Rajesh Gopinathan for his contribution during his tenure as CEO & MD and I wish him the very best for the future.
‘I also take this opportunity to wish K Krithivasan the very best in his new role as CEO & MD of TCS.’
‘TCS has done well in a volatile global environment in the year gone by.’
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‘In FY 2023, TCS delivered a growth of 17.6%, at an industry-leading operating margin of 24.1%.’
‘TCS continues to enable client’s business transformation, helping them accelerate new technology adoption and bring agility into execution.’
‘TCS works with large enterprises to build a digital foundation for the future, enable strategic leverage of data and AI, and reimagine customer and employee experiences.’
‘TCS delivered healthy client metrics enabled by new customer additions and deep client relationships.’
‘In FY 2023, growth has been broad-based, strong order book indicates demand for TCS’ services.’
‘Employee strength grew to over 614,000 associates with 35.7% women associates.’
‘The world is navigating several important transitions that requires significant investments in technology and innovation and offer a huge growth opportunity for the IT industry.’
‘The global energy transition is accelerating. Businesses are making clear commitments towards a sustainable future.’
‘Emerging new business models requires investments in technology and innovation including electric mobility, renewable power, hydrogen, and sustainable fuel’
‘Across the facets of transitions, investments in IT and digital technology will be an important enabler for businesses.’
‘New global supply chain ecosystems are being created with India playing an important role’
‘Change in supply chain ecosystem is led by significant capital investments in technology to set-up ‘digital-first’ manufacturing’
‘Advancements in AI have made AI transition a central focus, impact of AI and Machine learning is going to be profound.’
‘There is a transition already underway from predictive AI to generative AI.’
‘Businesses are still adopting predictive AI and are on the journey of capturing data, harnessing the power of cloud and IoT.’
‘Leveraging generative AI would further require technology innovation and investments.’
‘There is another important area that companies need to focus on – building talent for the future.’
‘Our technology strengths make us well-placed to respond to the global demand and scale up our talent base.’
‘Today, companies can tap into talent anywhere and leaders need to learn how to harness the global talent pool effectively.’
‘Technology and tools are facilitating collaboration and enabling virtual and hybrid models of work.’
‘TCS is significantly investing in building AI capabilities which include products and platforms that are AI-powered.’
‘Over the last few years, TCS has leveraged partnerships to design and orchestrate a completely indigenous software-defined 4G/5G network stack.’
‘5G technologies along with IoT, edge and AI will enable new digital transformation opportunities across industries’
‘TCS will invest in research areas important for the future, in collaboration with our global academic partners and start-up ecosystem.’
K Krithivasan MD & CEO, TCS
ETtech‘I am truly humbled by this opportunity to lead this remarkable organization that I have been part of for 34 years.’
‘TCS has a very strong leadership team and a workforce that is highly motivated. It is my privilege to lead this talented team.’
‘Interactions with our customers, leadership teams, and employees have further enriched my understanding of our customer relationships, priorities, and the opportunities ahead of us.’
‘As part of customer’s digital transformation journey, we see a sustained focus on cloud adoption, data architecture, customer experience, and business model transformation’
‘Our customers intend to avoid technology obsolescence, introduce new products and services, orchestrate ecosystems, and provide immersive, hyper-personalized experiences’
‘All our customers have also committed to ambitious net-zero carbon emission targets’
‘Technologies like 5G, IoT, generative AI, virtual reality/metaverse, digital twin and others are gaining attention and are likely to attract investments in the short to medium term’
‘We have been relentlessly focused on our client’s needs and have been investing in building newer capabilities to help them accelerate technology adoption’
‘TCS continues to focus on enhancing the talent base of its associates, build partnerships with key technology providers and its own products and platforms’
‘We closed the year with an order book of $34.1 Bn. This along with the strong pipeline replenishment gives us good visibility for the medium term’
