Choice Equity Broking's report on Tata Consultancy Services
Revenue for Q4FY25 came at INR 644.8Bn up 5.3% YoY and 0.8% QoQ (vs Consensus est. at INR 648.4Bn). EBIT for Q4FY25 came at INR 156.0Bn, down 2.0% YoY and 0.4% QoQ (vs Consensus est. at INR 161.4Bn). EBIT margin was down 180bps YoY and 28bps QoQ to 24.2% (vs Consensus est. at 24.8%). PAT for Q4FY25 came at INR 122.2Bn, down 1.7% YoY and 1.3% QoQ (vs Consensus est. at INR 127.4Bn).
Outlook
we expect Revenue/ EBIT/ PAT to grow at a CAGR of 7.2%/ 10.7%/ 10.8%, respectively, over FY25-FY27E and maintain our rating to ‘BUY’ with a downward revised target price of INR3,950, which implies a PE multiple of 24x (maintained) based on the FY27E EPS of 164.6.
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