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HDFC Securities Report
Tata Consultancy Services Ltd.'s Q3 FY21 results key positives included -
1. broad-based (verticals and services) growth outperformance (strongest Q3 in nine years) supported by better conversions,
2. robust deal wins with total contract value at $6.8 billion (excluding - Postbank Systems Deutsche deal), nine months FY21 TCV higher by 23% and strong bookings/ramp-up expected in Q4,
3. margin outperformance supported by operating leverage and efficiencies.
Management provided ‘double-digit' outlook for FY22/CY21 (we have factored in 14.8% for FY22E) and ‘sustainability of momentum' for three-five years secular cycle of cloud adoption.
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