TCS Q3 PAT seen up 18.6% at Rs 2893 cr

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TCS Q3 PAT seen up 18.6% at Rs 2893 cr

Tata Consultancy Services (TCS) - country's largest software services exporter - is expected to report a profit after tax of Rs 2,893 crore in the third quarter of FY12, a growth of 18.6% as compared to Rs 2,439 crore in previous quarter.

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Tata Consultancy Services (TCS) - country's largest software services exporter - is expected to report a profit after tax of Rs 2,893 crore in the third quarter of FY12, a growth of 18.6% as compared to Rs 2,439 crore in previous quarter.

Revenues are seen going up 13.7% to Rs 13,230 crore from Rs 11,633.5 crore quarter-on-quarter.

Earnings before interest and tax (EBIT) is likely to go up at Rs 3,866 crore from Rs 3,154.3 crore during the same period.

EBIT margin is seen improving at 29.2% in the quarter ended December 2011 versus 27.1% in previous quarter.

Q3 highlights

Dollar revenues growth seen at 2.6% - lower than Infosys (3.4%) due to higher impact of cross currency
>Cross currency impact can be 150-200 basis points QoQ. (Infosys cross impact at 100 bps)
>Focus on constant currency growth
>Volume growth seen lower at around 4.5% vs 6.2% QoQ due to Q3 seasonally weak quarter (lower billing days)

Rupee revenues seen up 13.7%

EBIT margin improvement of 210 bps expected (Infosys was at 300 bps)

Expect forex loss of Rs 200-300 cr vs Rs 91 cr QoQ due to hedges -
>Highest hedge position at USD 2900 million or around 26% of FY12e revenues