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HDFC Securities Report
Tata Consultancy Services Ltd. reports a stellar Q2 performance and a strong commentary.
Key positives included the following -
Strong deal wins (including Phoenix Standard Life), supported by market share gains, vendor consolidation with a high number of small and mid-sized deals enabling faster transition) and a balanced deal pipeline;
Broad-based growth across core verticals (banking financial services and insurance, retail and consumer packaged goods rebound) and core geographies (U.K. to be volatile);
Resumption of hiring momentum with 12,000 fresher on-boarding planned in Q3 (7,000 in Q1) and wage increase,
Operational resilience reflected in higher utilisation, lower attrition, lowest-ever day sales outstanding (including unbilled) leading to strong free cash flow generation-linked to better payout (Rs 160 billion buyback announced).
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