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TCS Signs Deal with Marks & Spencer

A senior official of TCS said the company expects the 1-billion dollars retail sector business in the United Kingdom and Europe to outpace the overall revenue growth on the back of strong demand for IT services.

TCS announced a multi-million dollar deal with Marks & Spencer, with which TCS has been working for more than a decade, to transform the human resource operations of Marks & Spencer.

Abhijit Niyogi, business head of retail for the company for Europe, said the demand for IT services remains strong in the United Kingdom and Europe despite some macro headwinds such as rate tightening, inflation, and political turmoil in the United Kingdom and the ongoing invasion of Ukraine by Russia.

He said it has been clocking a revenue growth faster than the one, which was reported by the company on an overall basis for the past two or three quarters, and around 10 percent to 15 percent of the total contract value (TCV) of the company comes from the business.

Currently, the company is chasing medium-to-large-size deals with a revenue possibility of around 300 million dollars, as the demand from retailers continues to grow in the market. At least in financial year 2023, he does not see any decrease, specifically on the back of a very strong first quarter.