TCS extends ties with UK’s Nest through £840-million contract

The contract value was signed for 840 million pound with an initial tenure of 10 years.

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The Tata Consultancy Services (TCS) share price will remain in focus in early trade on June 22, as the company extended its partnership with the UK’s largest workplace pension scheme, Nest.

Tata Consultancy Services and Nest expanded their long-standing partnership to focus on digitally transforming Nest’s scheme administration services, and delivering enhanced member experiences.

TCS’ digital-first platform, powered by BaNCSTM, will help transform scheme administration and deliver personalised experience.

Nest and TCS have worked closely since 2011 when the digital, auto-enrolment pension scheme was launched first.

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As part of the partnership, TCS will help Nest transform the administration services using a future-ready, digitally enabled, omnichannel platform powered by TCS BaNCS.

The contract value was signed for £840 million with an initial tenure of 10 years. The total maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, will be £1.5 billion.

Major Deal Wins This Quarter

The company had been selected by the Department for Education (DfE) to administer and further enhance customer experiences for the Teachers’ Pension Scheme in England and Wales.

TCS also announced an expanded partnership with Google Cloud and the launch of its new offering, TCS Generative AI which leverages Google Cloud’s generative AI services and also announced the launch of TCS Dexamdata marketplace platform on Google Cloud.

Zurich Insurance Company and Dubai International Financial Center (DIFC) have deployed TCS BaNCS Insurance for Property and Casualty, transforming its business operations and reaping a wide range of business benefits And Ikano Bank AB (publ) in Sweden, has selected the TCS BaNCS™ Global Banking SaaS Platform for its panEurope core banking transformation.

The company ranked the number one IT service provider for customer satisfaction in the UK in Whitelane Research and PA Consulting’s independent survey of CIOs from the largest IT spending organizations in the country. TCS received the top ranking in this survey, for the eighth time.

Financials

The company, for the quarter ended March 31, 2023, had reported a 14.8 percent year-on-year (YoY) increase in consolidated net profit at Rs 11,392 crore. The IT services major reported a profit of Rs 10,846 crore in the December 2022 quarter.

Consolidated revenue from operations came in at Rs 59,162 crore, up 16.9 percent, from Rs 50,591 crore in the year-ago quarter. It stood at Rs 58,229 crore in the December quarter of FY23.

In constant currency (cc) terms, the revenue rose 10.7 percent year-on-year (YoY), the company said.

Milind Lakkad, Chief Human Resources Officer (CHRO) expects company to bring down its attrition rate close to its pre-pandemic range of 12-13 percent by the second half of the fiscal year 2023-24.

At 09:33 hrs Tata Consultancy Services was quoting at Rs 3,248.30, down Rs 9.15, or 0.28 percent on the BSE.