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Motilal Oswal Report
Tata Consultancy Services Ltd. impressed with revenue growth of 4.8% QoQ constant currency terms (versus estimate of 2.5% QoQ CC), coupled with Ebit margin expansion of 260 basis point QoQ (versus estimate of 120 basis point QoQ).
Broad-based growth across geographies and verticals indicates healthy recovery across segments.
The company reported very strong deal wins of $8.6 billion.
A healthy deal pipeline, continued healthy cash conversion (operating cash flow/profit after tax of 126%), and reduced attrition have also been encouraging.
We expect TCS to be relatively better positioned (versus the sector) to navigate the current challenges and continue to gain market share from smaller players in vendor consolidation deals.
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