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TCS to provide tech services to BBC; wins multi-year deal after Q1FY24 results

TCS

Tata Consultancy Services (TCS), an Indian IT services company, stated that it has received a multi-year contract to supply services to the British Broadcasting Corporation (BBC). The agreement calls for the media company’s finance, procurement, and human resources applications management systems to be updated. This announcement comes just a week after the IT giant released disappointing Q1 FY 2023-24 numbers. 

“We are pleased to be selected by the BBC as their partner to transform their finance and payroll function,” said Amit Kapur, Country Head, UK and Ireland, TCS. This collaboration would help TCS cement its position as a leader in providing revolutionary business services to the media and entertainment industries.” 

In a BSE filing, the business stated that they intend to leverage AI-driven human-machine collaboration suite, TCS Cognix, in the multi-year cooperation with the media behemoth. 

TCS

“TCS will also provide application management and change delivery services for the broadcaster’s application estate, supporting finance, procurement, and HR functions,” the business stated in its BSE filing. 

TCS, an Indian IT services company, has been working in the United Kingdom for over 45 years. The company employs around 21,000 employees in the UK and Ireland, making it one of the largest IT employers in the region. 

This transaction comes at a time when TCS reported disappointing Q1 FY24 performance. The company’s profit increased by 16.8 percent to Rs 11,120 crore in Q1 FY24, however it was down 2.7 percent sequentially from Rs11,436 crore in Q4 FY23. The company’s income from operations increased 12.5% year on year to Rs 59,381 crore in Q1 FY24, up from Rs 52,758 crore in Q1 FY23. Operating margins fell to 23.2 percent in Q4 FY23, down from 24.5 percent in Q4 FY23.  

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