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Quarterly revenues were at Rs 21,294 crore were marginally lower than analysts estimates, but up 1.5 percent sequentially and 32.5 percent year-on-year.
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The positive takeaway from the TCS management commentary was that FY15 would see further growth acceleration from FY14 said Hitesh Shah of IDFC Securities.
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The company reported operating margins of 29.4 percent for the December quarter. N Chandrasekhar, chief executive, TCS, said he was confident of maintaining margins of around 27 percent and said extra profits were being reinvested back into the business.
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In an interview to CNBC-TV18, Basu Banerjee, IT Analyst at Quant Capital spoke about Q3 earnings season for the Indian IT sector.
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Ankita Somani, IT Analyst, Angel Broking does not think TCS has surprised in the positive. Margins as well as dollar revenues came in below expectation.
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IT bellwether TCS results preview
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Experts feel TCS is again likely to lead the sector on dollar revenue growth in the quarter ended December 2013. Constant currency growth is expected to be 2.5 percent as third quarter is seasonally weak due to furloughs, fewer working days and employees going on vacation.
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According to Sushil Finance, revenues of Tata Consultancy Services (TCS) are expected to increase by 2.6 percent Q-o-Q to Rs 21,522.6 crore.
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According to ICICIdirect.com, revenues of Tata Consultancy Services are expected to increase by 1.6 percent Q-o-Q (up 32.6 percent Y-o-Y)to Rs 21,306.3 crore.
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According to Motilal Oswal, sales of Tata Consultancy Services are expected to increase by 2.2 percent Q-o-Q (up 33.4 percent Y-o-Y) to Rs 21,432.8 crore.
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Kawaljeet Saluja, executive director, Kotak Institutional Equities, expects IT companies to deliver soft earnings as Q3 is a seasonally weak quarter.
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Ravi Menon, IT Analyst, Centrum Broking sees HCL Technologies outperforming and expect the stock to get re-rated. The broking firm has a price target of Rs 1,540 for the stock.
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AnandRathi Securities has come out with its earning estimates on IT sector. "Expect the top-four Indian IT companies to post 3.1% qoq, and 12.8% yoy, growth in USD revenue in 3QFY14," says the research firm.
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"We expect tier-1 IT aggregate growth to moderate to 3.2 per cent q-o-q, given seasonal impacts of lesser working days and year-end shutdowns/furloughs," Nomura Equity Research said in a report.
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According to Ankur Rudra, the strength of beat by Cognizant is a big positive led by uptick in discretionary demand due to new technology and so, assuming that it is true for the entire (IT) sector is premature.
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Financial services firm Cowen and company feels that although Wipro Q2 earnings showed improvement, it still needs to work its way through to meet the industry standards.
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Ankita Somani, Analyst at Angel Broking is of the view that Wipro has been a laggard in terms of revenue growth among the top four IT companies.
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IIFL India's Aniruddha Mehta feels that the July-September earnings announced by HCL Technologies disappointed on the valuations front. He feels that one can get slightly overweight on Infosys on good demand.
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Tata Consultancy Services (TCS) expects to sustain its margins on the back of strong demand outlook going forward. The company has also increased their hiring for FY14.
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According to Ankur Rudra, HCL Technologies continues to look relatively inexpensive, just shy of 12-12.5 times and appears to offer more upside from re-rating perspective.
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N Chandrasekaran, MD and CEO of TCS said that the pricing remained stable currently and that the company was aiming an operating profit margin of 26-28 percent.
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Basu Banerjee expects atleast 15 percent upside on HCL Technologies from its current levels when compared to its largecap peers trading at much higher valuations.
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TCS' 7.3 percent Q2 volume growth has managed to surprise both Harit Shah, senior research analyst, Nirmal Bang Equities as well as Aniruddha Mehta, IT analyst, IIFL.
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Speaking to CNBC-TV18 on the Q1 earnings, R Ramanan, managing director and chief executive officer, CMC says the company‘s revenues tend to be lumpy due to system integration projects.
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Analysts believe dollar revenues of the software company (TCS) may increase 5.5 percent quarter-on-quarter to USD 3339 million and rupee revenues are likely to jump 15.9 percent Q-o-Q to Rs 20,850 crore in the quarter gone by.
