Sharekhan's research report on Tata Consultancy Services
We remain positive on TCS, given strong deal wins with increasing TCVs, healthy deal pipeline and robust digital growth. TCS reported lower-than-expected CC revenue growth of 10.6% y-o-y; however, margins remained a tad below our estimates. Digital, with an annual run-rate of $7 billion+, continued to show strong growth momentum, grew by 42.1% y-o-y.
Outlook
We maintain our Buy rating on TCS with an unchanged PT of Rs. 2,300.
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