India’s No.1 software-services exporter Tata Consultancy Services is planning to focus more on markets such as Japan, Latin America and Southern Europe amid weakness in North America, its chief executive said.
The plan to diversify more comes after the industry leader reported its slowest quarterly profit growth since 2020, and revenue contributions from its mainstay market, North America, have declined for four straight quarters.
“I wouldn’t say we are consciously reducing our North America exposure, but we are consciously increasing our play in other geographies because we want to work more in markets like Latin America, Southern Europe or Japan,” K. Krithivasan said.
North America has been vital for the $245 billion Indian information technology sector, with several companies deriving over half their revenue from the region. IT clients there have been reluctant to spend on discretionary projects in recent quarters amid inflationary pressures and economic uncertainty.
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Curated by Arun