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TCS Q2 Result Preview | The growth in TCS' revenue is expected to be driven by conversion of earlier strong orders, recovery in Indian markets after fall in June quarter, and strong spending on digital by corporates.
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Net Sales are expected to increase by 5.1 percent Q-o-Q (up 19 percent Y-o-Y) to Rs. 47,745.3 crore, according to Prabhudas Lilladher.
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The company said growth in the quarter was led by cloud platform services, cybersecurity, analytics and insights and enterprise application services.
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TCS is expected to report an increase in market share, strong growth in the international market but a small decline in domestic business and a thinner operating margin because of higher wages
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Brokerages expect IT stocks to continue trading at premium valuations given the order pipeline and digitalisation. Infosys, Tech Mahindra and HCL Technologies are the top consensuses picks.
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Brokerages also expect healthy growth in margin amid operational efficiencies and strong revenue growth, while growth in profit could be around 8-10 percent on a sequential basis.
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Net Sales are expected to increase by 3.9 percent Q-o-Q (up 9.3 percent Y-o-Y) to Rs 43,645.5 crore, according to KRChoksey.
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Net Sales are expected to increase by 8.2 percent Q-o-Q (up 17 percent Y-o-Y) to Rs 9,418.2 crore, according to Prabhudas Lilladher.
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Net Sales are expected to increase by 2.8 percent Q-o-Q (up 8.2 percent Y-o-Y) to Rs. 43,210 crore, according to Motilal Oswal.
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CFO Prateek Aggarwal said that at the back of the COVID-19 pandemic, enterprises across the board are accelerating their technology adoption and this process will take years to be completely digital.
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The stock rose 32.4 percent in 2020 and 15 percent during the quarter ended December 2020. However, it underperformed the Nifty IT index that gained 55 percent and 21.55 percent, respectively.
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The deal pipeline is strong across companies led by digital foundation deals, integrated deals from smaller clients, experience transformation and even core transformation deals.
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TCS, retail cluster outperformed during the quarter despite continuous weakness in discretionary retail CPG and travel and hospitality sub vertical.
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EBIT margin is expected to grow in the range of 150-185 basis points QoQ in Q2FY21 due to revenue growth, cost control measures and improved utilisation rate.
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Brokerages expect 30-50 bps sequential decline in EBIT margin due to lower utilisation, weak operating leverage offset by rupee depreciation and lower travel expenses.
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Net Sales are expected to decrease by 1.6 percent Q-o-Q (up 3 percent Y-o-Y) to Rs. 39,305.7 crore, according to Motilal Oswal.
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Brokerages say the demand pullback is expected to be severe in the directly impacted segments but BFSI and telecom could be stable in terms of growth for IT companies.
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The country's largest IT company won $6 billion worth deals during the quarter ended December 2019, taking total 9-month deals to $18 billion.
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While maintaining reduce call on the stock and raising target to Rs 2,020 (from Rs 1,900), Kotak Institutional Equities cut its revenue growth forecast marginally, but raised EBIT margin forecast by 20-30 bps.
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For Q3FY20, Motilal Oswal expects a 2.3% YoY or 3.3% QoQ rise in the PAT for TCS to the tune of Rs 8,305 crore.
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Net Sales are expected to increase by 2.1 percent Q-o-Q (up 6.6 percent Y-o-Y) to Rs. 39,788.5 crore, according to Motilal Oswal.
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Key things to watch out for would be increase in deal sizes & tenures in digital; demand commentary, specifically BFSI & retail; and commentary on the improving geopolitical scenario.
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Credit Suisse has trim revenue estimates by 1 percent and EPS estimates by 5-7 percent adding that the company has a high-quality franchise but is not immune to an uncertain environment.
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With an increase of 5.7 percent, revenue from operations stood at Rs 38,977 crore in the September quarter of FY20 against Rs 36,864 crore in the same quarter of the previous year.
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Net Sales are expected to increase by 3.6 percent Q-o-Q (up 7.3 percent Y-o-Y) to Rs. 39,536.6 crore, according to Prabhudas Lilladher.
