New Delhi, April 15 -- Tata Consultancy Services Ltd's (TCS) March quarter results (Q4FY24) do little to cheer up IT investors who continue to wait for meaningful signs of demand recovery. Sure, there were some bright spots. Firstly, deal wins were robust thanks to better traction across verticals and geographies. The total contract value (TCV) hit a record high of $13.2 billion in Q4 and $42.7 billion in FY24. This included a mega deal win of Aviva. The deal pipeline remains strong and it is not seeing any issues in ramp ups, according to the management.

Secondly, Ebit (earnings before interest and tax) margin expanded 100 basis points sequentially to 26%, ahead of analysts' expectations. One basis point is 0.01%. The sharp margin expan...