TCS yet to see broad-based demand revival

Tata Consultancy Services‘ June-quarter performance suggests the recovery in technology spending is likely to remain gradual rather than broad-based, with analysts pointing to sustained strength in banking and financial services but persistent weakness in consumer-facing industries and discretionary spending.

The company’s management struck an optimistic tone on client conversations and deal activity, particularly in banking, financial services and insurance (BFSI), technology and manufacturing.