Sustained weakness in North America and BFSI
North America revenue declined 1.1% YoY and BFSI remained negative YoY, with management citing ongoing client uncertainty and delayed decision-making.
TCS / Q1-FY25 / risks
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Material risks this quarter
high
Order book lumpiness and delayed closures
Q1 TCV of $8.3B was below the $12.4B in Q4, with some large deals slipping to Q2, indicating volatility in deal closures.
Dependence on BSNL for India growth
Analyst questioned whether India's 61.8% YoY growth was largely BSNL-driven, raising concerns about sustainability of growth outside this deal.