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ICICI Direct Report
Tata Consultancy Services Ltd. reported healthy Q2 FY21 results that were above our estimates.
The company reported 4.8% QoQ growth in dollar revenues (in constant currency terms), above our estimate of 2.6% QoQ growth.
The growth was broad based across geographies and verticals. Margins increased 260 basis points mainly due to an improvement in gross margins and lower selling, general and administrative expenses.
The TCS board has approved a buyback of Rs 16,000 crore to buy back approximately 5.33 crore shares at Rs 3,000/share.
The company has also declared an interim dividend of Rs 12/share (the record date is October 15, 2020 while payment date is November 3, 2020).
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