Sharekhan's research report on Tata Consultancy Services
Reported revenues stood at $7,505 million, up 2.2% q-o-q in constant currency (CC) terms, beating estimates of 1.5% q-o-q in CC terms. EBIT margin fell by ~130 bps q-o-q to 24.7% owing to wage hike but slightly beating our estimates of 24.6%. Management maintained that FY25 would be better than FY24, deriving confidence from broad-based performance across markets, verticals and healthy order pipeline.
Outlook
We maintain Buy rating with unchanged PT of Rs. 4,750. At CMP, the stock trades at 27.3x/23.1x FY25/26E EPS.
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