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ICICI Securities Report
Even adjusting for Covid-19 second wave impact on India business (5.6% of revenues in March-2021, ~14% QoQ decline), Tata Consultancy Services Ltd.'s growth in Q1 FY22 would have been around ~3.1% QoQ (constant currency).
Notably, this is softer than its pre-Covid five-year average growth in June – seasonally the strongest quarter.
This further supports our key argument on the sector, i.e. once the low base effect wanes, growth should converge with the pre-Covid-19 long-term average.
Europe (~17% of revenues in March-21, up 1.5% QoQ) remained a key overhang on growth.
Order booking ($8.1 billion versus $9.2 billion in March-21) remained healthy though there were no large deals (more than $500 million) for two to three quarters now.
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