Published on 13/10/2017 1:08:04 PM | Source: Angel Broking Pvt Ltd

We maintain our NEUTRAL rating on Tata Consultancy Services Ltd Q2FY2018 Results - Angel Broking

Below  Is the  views On Tata Consultancy Services Ltd Q2FY2018 Results By Ms. Sarabjit Kour Nangra (VP Research- IT, Angel Broking Pvt Ltd)


“The company posted 3.2% sequential growth in USD revenues to US$4,739mn V/s US$4,738mn expected. On constant currency terms, the company posted a QoQ growth of 1.7%, driven by volume growth of 3.2% QoQ. In rupee terms, revenues came in at INR 30,541cr V/s INR 30,465cr, up 3.2% QoQ.

In terms of geography, USA (North America posted 1.4% QoQ CC, Latin America posted 5.7% QoQ CC), Europe (UK posted a 2.5% QoQ CC growth, Continental Europe posted a 5.3% QoQ CC growth), Asia Pacific posted a 3.0% QoQ CC growth.

In terms of verticals BFSI posted a 1.9% QoQ CC growth, Retail & CPG posted a dip of 0.9% QoQ CC, Communication & Media posted a 1.4% QoQ CC growth, Manufacturing a 1.9% QoQ CC growth, Life Sciences & healthcare posted a 3.6% QoQ growth, Energy & utilities posted a 7.2% QoQ growth, Travel & Hospitality posted a QoQ CC growth of 8.0%, Digital revenue posted a QoQ CC growth of 5.9%.  

EBIT margin, came in at 25.1% V/s 24.1% expected, a QoQ expansion of 1.7%, much better than expected on back of good volume growth. In client additions, the company added clients $100M+ up by 1; $50M+, $20M+ & $10M+ each up by 6. Consequently, PAT came in at INR 6,466cr V/s INR 6,314cr expected, a rise of 8.8% QoQ. We maintain our NEUTRAL rating on the stock.”


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