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ICICI Securities Report
Tata Consultancy Services Ltd. has reported a growth of 4.8% (QoQ, constant currency terms) driven by stronger-than-expected comeback in two key verticals – banking financial services and insurance (up 6.2%) and retail and consumer packaged goods (up 9%).
While Europe (up 6.1%) stole the show, growth across other two key geographies (U.S. up 3.6%, UK: 3.8%) was also strong - margins surprised positively driven by – 1. utilisation increase, 2. rationalisation of miscellaneous expenses and 3. currency neutrality.
Deal wins (6.1 billion U.S. dollar, ex-Phoenix Standard Life) came in tad lower than expectations.
Quantum of the buyback (Rs 160 billion) was lower than street expectations.
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