Prolonged macro uncertainty from US tariffs
Management noted project delays and cautious discretionary spending from late February; if uncertainty persists, deal conversions and revenue growth could be impacted.
TCS / Q4-FY25 / risks
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TCS · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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Margin pressure from higher bench costs
CFO acknowledged that operating leverage may be impacted if utilization drops due to uncertainty, potentially delaying margin recovery to 26%-28%.
BSNL deal ramp-down impact on revenue and margins
Analyst questions revealed BSNL contract ending in Q1 FY26; its unwinding may affect sequential revenue and margin comparisons, though management did not quantify.
Attrition risk from delayed wage hikes
Analyst raised concern that delaying wage hikes could impact employee morale and attrition; management downplayed but attrition inched up to 13.3%.