Healthcare vertical revenue concentration
Healthcare business is relatively small with limited customer base; delays in renewals with one or two major clients can disproportionately impact the vertical's performance, as seen in Q1.
TATAINVEST / Q1-FY25 / risks
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Tata Investment Corporation · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Rising customer concentration in top accounts
Top 5 and top 10 customer concentration has increased by ~500-600bps YoY, raising questions about diversification strategy and downside risk if key accounts reduce spending.
US revenue share declining
US contribution dropped from 40% to 33% as both media/telecom and healthcare verticals (US-dependent) face headwinds, creating geographic mix shift risk.
Rising tax rate impact on profitability
Tax rate expected to increase this FY as more SEZ units exit the tax holiday period, compressing net margins going forward beyond FY25.