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IT major TCS is likely to set the tone for earnings this quarter. Cross currency headwinds remain major concern as the company had earlier indicated a 40 basis point impact on margins due to forex moves. Kawaljeet Saluja, ED and head of research, Kotak Institutional Equities speak on what to expect from the TCS earnings this evening.
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Sales are expected to increase by 0.2 percent Q-o-Q (up 14 percent Y-o-Y) to Rs 24559.6 crore, according to Motilal Oswal.
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Revenues of TCS are expected to decrease by 0.3 percent Q-o-Q (up 13.4 percent Y-o-Y) to Rs 24437 crore, according to ICICIdirect.
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A CNBC-TV18 poll of analysts has forecast the firm‘s dollar revenue to grow 0.2 percent to USD 3940 million versus USD 3931 million in the previous quarter, while rupee revenue is seen declining 0.1 percent, from Rs 24,501 crore to Rs 24,456 crore.
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HCL Technology announced its Q2 numbers with a net profit of Rs 1915 crore (up 2.3 percent quarter-on-quarter). The company‘s rupee revenue stood at Rs 9283 crore versus an expectation of Rs 8950 crore.
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Brokerages are not perturbed by its performance as the street had expected relatively cautious commentary on demand environment due to management‘s conservatism. In its analysts meet on December 12, TCS had warned of weak revenue growth.
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Gopinathan said it was early to talk about client budgets, but that it has been a positive start to the calendar so far
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Speaking exclusively to CNBC-TV18‘s Menaka Doshi, N Chandrasekaran, managing director and chief executive officer, Tata Consultancy Services says the company faced a number of headwinds in the form of working days and furloughs in Q3.
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According to both Sandip Agarwal of Edelweiss Financial Services and Sarabjit Kaur Nangra, of Angel Broking TCS Q3 numbers were more or less in line with expectations.
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Sales are expected to increase by 2.9 percent Q-o-Q (up 15.1 percent Y-o-Y) to Rs 24501 crore, according to Motilal Oswal.
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Revenues are expected to increase by 1.8 percent Q-o-Q (up 13.8 percent Y-o-Y) to Rs 24237.3 crore, according to ICICIdirect.
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India‘s largest software services exporter TCS said it was confident of beating the industry‘s projected growth rate of 13-15 percent and added that it was seeing “tremendous†deal momentum going into next year.
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Analysts expect 2.9 percent quarter-on-quarter growth in rupee revenue, and 0.5 percent rise in dollar revenue at USD 3.948 billion (In Q3FY14, dollar revenue growth was 3 percent).
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Vibhor Singhal, IT-analyst at Philip Capital does not think Infosys has turned the corner yet and says it is still far behind the industry growth.
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While JM Financial is incrementally positive on Infosys stock, it will still wait for one or two more quarters of performance from the company before upgrading it to a buy.
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In an interview to CNBC-TV18, Ravi Menon, AVP - IT, Centrum Broking, Vibhor Singhal, IT Analyst, Phillip Capital and Sarabjit Kaur Nangra, VP - Research Pharma, Angel Broking spoke about Wipro‘s financial performance in the quarter gone by and the road ahead.
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The IT bellwether is hopeful of achieving its attrition target for the current year. The company said it had already hired 36,000 out of its 55,000 target for the year.
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Discussing the earnings details, N Chandrasekaran, CEO and MD, TCS, said the second quarter has been good in terms of volume and robust utilisation rates, but the company "typically does better in Q2â€.
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"We believe the TCS stock will react positively because a 6.4 percent quarter on quarter (QoQ) core dollar growth is definitely not a small by any chance," Sarabjit Kaur Nangra VP - Research Pharma, Angel Broking said.
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Profit after tax of TCS is likely to grow 5 percent sequentially to Rs 5,312.6 crore in the quarter ended September 2014, according to the average of the estimates of analysts polled by CNBC-TV18.
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Sales are expected to increase by 8 percent Q-o-Q (up 14 percent Y-o-Y) to Rs 23985 crore, according to KR Choksey and Securities.
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Revenues are expected to increase by 8.8 percent Q-o-Q (up 14.7 percent Y-o-Y) to Rs 24050.8 crore, according to ICICIdirect.
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According to Sarabjit Kaur Nangra, the improved EBIT margins and optimistic management commentary is a huge positive. However, attrition rate still remains a concern.
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According to Ashwin Mehta, IT analyst at Nomura India, TCS would continue to trade at a premium over Infosys, and so prefers TCS. His other picks in the IT space are HCL, Cognizant.
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Sagar Rastogi, Associate VP, Ambit Capital is positive on the Indian IT services space sector on back of demand environment and Europe's openness for offshore businesses.
