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IDBI Capital Report
Tata Consultancy Services Ltd. reported decent revenue growth in Q3 FY22 and was in line with our estimates (3% QoQ/14% YoY to $6,524 million). However, Ebit margin stood at 25% below our estimate of 26.1% mainly due to higher employee, travel and facility cost. We believe the company will be key beneficiary of robust growth in digital technologies.
TCS has continued to maintain its deal win momentum and has secured deals with total contract value of $7.6 billion. The company has declared a buyback of Rs 18,000 crore at a price of Rs 4500. These coupled gradual improvements in operating margins prompt us to be positive on the stock.
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