KRChoksey' is bullish on Tata Consultancy Services Ltd has recommended Accumulate rating on the stock with a target price of Rs 2675 in its research report dated July 14, 2017.
KRChoksey's research report on Tata Consultancy Services Ltd
In dollar terms, Net Sales in Q1 FY18 stood at $4,591 Mn which was marginally below our estimate of $4,606 Mn and reported a growth of 3.1% qoq and 5.2% yoy By Geography: Continental Europe led the growth figures with a 5.9% qoq growth, followed by Latin America at 2.8% qoq and India at 1.5% qoq. North America bounced back after a decline in Q4FY17 and grew at 1.7% qoq.By Industry: Energy and Utilities led the pack with a growth of 7.6% qoq growth, followed by Travel & Hospitality at 7% qoq growth and LifeSciences and Healthcare at 4.7% qoq growth in CC terms. Digital revenues stood at 18.9% of overall revenues, registering a 7.6% qoq growth
We have “ACCUMULATE” rating on the stock and as we assign multiple of 15.5x to its FY19E EPS of INR. 166.7 to arrive at a price target of INR 2,583.
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