N Chandrasekaran, chairman of Tata Sons and Tata Consultancy Services (TCS), in a letter to shareholders, stated the corporate has thrived regardless of the worldwide uncertainty that surrounded the IT trade over the previous few months. He stated, “TCS has done well in a volatile global environment in the year gone by. In FY23, TCS delivered growth of 17.6 per cent, at an industry-leading operating margin of 24.1 per cent. We closed the year with an order book of $34.1 billion. This along with the strong pipeline replenishment gives us good visibility for the medium term.”

Chandrasekaran, in the letter, addressed how the Indian tech major, TCS, is investing in AI technology to keep up with the industry. “The world is navigating a number of vital transitions that require important investments in know-how and innovation and provide an enormous development alternative for the IT trade. The world power transition is accelerating. Businesses are making clear commitments in direction of a sustainable future.

“Businesses are still adopting predictive AI and are on the journey of capturing data, and harnessing the power of cloud and IoT. Leveraging generative AI would further require technology innovation and investments. TCS is significantly investing in building AI capabilities which include products and platforms that are AI-powered,” learn the letter.

According to Chandrasekaran, there may be rising curiosity and potential investments in applied sciences corresponding to 5G, IoT, generative AI, digital actuality/metaverse, digital twin, and extra within the close to to medium time period. 

He additionally paid tribute to the outgoing CEO Rajesh Gopinathan, who will stay within the firm until September 16 for the sleek transition of his successor, Okay Krithivasan, who takes over the baton on June 1. “I would like to thank Rajesh Gopinathan for his contribution during his tenure as CEO and 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 and MD of TCS,” he added.