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KRChoksey Research Report
Tata Consultancy Services Ltd. Q2 FY22 performance was slightly lower than with our estimate.
Dollar revenue was up 2.9% QoQ and in constant currency term grew by 15.5% YoY to $6,333 million (our estimate- $6,379 million).
Rupee revenue grew by 2.9% QoQ to Rs 4,68,670 million (our estimate- Rs 4,72,545 million).
Reported operating margin witnessed a meagre growth, up by eight basis points to 25.6% QoQ backed by healthy deal wins (book-to-bill ratio is 1.2 times similar to it's global peers).
Reported net profit grew by ~6.8% QoQ to Rs 96,230 million with margin of 20.5% mainly due to higher net other income.
TCS showed strength in its core business segment and has bagged higher mid-sized deals spread across verticals.
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