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Motilal Oswal Report
Tata Consultancy Services Ltd. reported Q3 FY22 revenue of $6.52 billion, up 4.0% QoQ in constant currency – above our estimate of 3.2% QoQ growth. Q3 topline was driven by communication, technology and regional markets, while manufacturing and retail verticals dragged down growth.
Ebit margin contracted 60 basis points QoQ to 25.0%, 100 bps lower than our estimate of 26.0%, as TCS augmented its employee intake (all-time high at 28,000), along with a spike in sub-contracting cost.
Net profit stood at Rs 97.7 billion, up 1.5% QoQ, which was below our estimate due to the miss on operating margin.
TCS's Q3 deal wins remained stable at $7.6 billion, with no mega deal (similar to Q2). We view the stability in deal wins in the absence of mega deals as positive.
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