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HDFC Securities Institutional Equities
Tata Consultancy Services Ltd. delivered an in-line performance and key forward looking commentary included the following:
horizon-1 to continue to be near-term volume driver;
stronger demand environment in North America (versus Europe);
increased volume of vendor consolidation/multi-service deals; and
margin trajectory to improve (Q4 FY23 margins to reach Q4 FY22 level).
Key positives from Q1 included-
strong bookings in banking, financial services and insurance ($2.6 billion in Q1 FY23 up 18% YoY) and gains in deal market-share (1.2 times book-to-bill versus 1.1 times for Accenture outsourcing and 1.05 times of Accenture overall);
strengthened hyperscaler partnerships (71,000 hyperscaler certifications versus 61,000 in Q4 FY22);
TCS' broad-based growth across business groups (including 5.6% QoQ in business transformation group) also reflected in large client mining (growth in the $50 million plus client bucket) and strong free cash flow generation with stable days' sales outstanding.
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