By Raja Rajeshwari, CNBC-TV18

Infosys, Satyam, TCS, Wipro and HCL Tech have declared their results for the quarter.

For TCS, their project transitions and ramp-up delays are an interim setback. The growth rate in H2FY09 should see a comeback. TCS has a higher operating leverage. Credit Suisse is neutral on TCS and has set a target price of Rs 1,050. The target price implies around 15% lower P/E versus Infosys. On the other hand, Morgan Stanley has downgraded the stock to equal-weight on client-specific issues. It has set TCS a price target of Rs 1,090. MS prefers Infosys to TCS due to better visibility and margins. This is due to lower dependence on large deals.

Satyam has given a good performance and guidance. Their Q1FY09 topline will witness 3.5-4% QoQ growth. Its Q1Fy09 EPS would record 9.7-10.2% QoQ growth. It would see a front-ended growth in FY09, while most others are likely to have back-ended growth in FY09.

Infosys’ FY09 guidance is lowest in the last four years. Its growth of 7.2-8.4% in Q2, Q3 and Q4 is something to bet on.

Wipro results have been in-line guidance; they need a margin expansion.

HCL Tech – its Q1FY09 revenues are seen up 1-2% QoQ. The company is on track to meet its guidance of 35% revenue growth in FY08. It has reiterated its long-term growth guidance of 30% in revenues. The company expects its EBIT margins to hold.

                        One-Month Gain

Infosys              22.59%

TCS                  22.54%

Satyam             17.69%

Wipro                20.46%

HCL                  7.53% 

                        FY09e EPS      P/E

Infosys              95.20                17.3x

TCS                  60.90                16.3x

Satyam             30.40                15.1x

Wipro                26.90                16.8x

HCL                  21.70                12.6x