Sharekhan's research repor on Tata Consultancy Services
Company best-placed to leverage next transformation wave given early investments on tech spend areas, strong delivery model, client proximity and status as preferred digital partner of large enterprises. Deal wins have been consistent despite COVID-led lockdown; deal TCVs at $6.9 billion in Q1FY2021. We expect margins to improve in Q2 on the back of possible deferral of variable compensation, continued lower spends on travel & facilities and cancellation of marketing events.
Outlook
We upgrade TCS to Buy from Hold with a revised PT of Rs. 2,600, given strong earnings growth potential over FY2021-23E.
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