The impact of the banking crisis in the US was visible in IT bellwether Tata Consultancy Services' (TCS) weak performance in the March quarter of fiscal 2023 (Q4FY23).
The firm witnessed slower revenue growth in Q4FY23 and failed to meet its FY23 exit Ebit margin of 25 per cent as some clients, especially in the North American region, took to pausing projects and rising onsite costs offset utilisation gains.
Sequentially, the company’s revenue grew by just 0.6 per cent on a constant currency basis, which was one of the slowest paces in over 11 quarters.
The management flagged high