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

Indian IT services company Tata Consultancy Services (TCS) announced that it has won a multi-year deal to provide services to the British Broadcasting Cooperation (BBC). The deal would comprise changing the media major's finance, procurement and HR applications management systems. This announcement comes a week after the IT major announced muted Q1 FY 2023-24 results.

Amit Kapur, Country Head, UK and Ireland, TCS said, “We are pleased to be selected by the BBC as their partner to transform their finance and payroll function. This partnership will strengthen TCS' position as a leader in delivering transformative business services to the media and entertainment industry.”

The company noted in a BSE filing that they plan on leveraging AI-driven human-machine collaboration suite, TCS Cognix in the multi-year partnership with the media giant.

"TCS will also provide application management and change delivery services for the broadcaster's application estate supporting the finance, procurement and HR functions," the company's BSE filing read.

It is worth noting that the Indian IT services company TCS has been operating in the UK for over 45 years now. The company employs over 21,000 people in the UK and Ireland, making it among the region's biggest IT employers.

This deal comes at a point when TCS announced muted Q1 FY24 results. For Q1 FY24, the company's profit rose by 16.8 per cent to Rs 11,120 crore, but on a sequential basis, the profit was down 2.7 per cent, from Rs11,436 crore in Q4 FY23. The company’s revenue from operations grew 12.5 per cent YoY to Rs 59,381 crore in Q1 FY24 compared with Rs 52,758 crore it reported in Q1 FY23. Operating margins shrank to 23.2 per cent from 24.5 per cent reported in Q4 FY23.