Home Business Funding for Digital Push Remains Strong, Says TCS CEO

Funding for Digital Push Remains Strong, Says TCS CEO

TCS CEO says funding environment remains strong for digital push

Bengaluru:

The funding commitment for the digital push remains intact despite the challenging macro-economic environment, the chief executive officer of India’s No 1 information technology services provider Tata Consultancy Services Ltd said on Monday.

After reporting quarterly results last week, India’s IT service providers indicated that companies that were spending top dollar during the pandemic have turned cautious in regions such as Europe and the United States.

TCS chief executive Rajesh Gopinathan told Reuters that the pandemic has opened up a lot of funding commitments in terms of digital transformation.

“When you look ahead, for the next 12 to 18 months, that enthusiasm level (towards digital transformation) is gone, but the funding commitments have not gone away. What we are doing is the second leg of these transformation journeys. Which is very critical.”

Gopinathan completed five years as the IT giant’s CEO earlier this year and was reappointed for another five years till 2027.

Mumbai-based TCS posted better-than-expected quarterly results last week, but said long-term deal decisions remained soft due to macro-economic challenges.

However, the company said it expects the demand momentum to continue across all markets.

According to TCS, the July-September order book was stable and stood at $8.1 billion, which included several small and medium-sized deals instead of large ones.

“We are equally interested in big and small deals. But as the environment becomes more uncertain, the deal size usually gets smaller,” Gopinathan said.

(Reporting by Nallur Sethuraman in Bengaluru and Munsif Vengtil in New Delhi; Editing by Shaunak Dasgupta)

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