BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Tata Consultancy Services Ltd. reported revenue growth of 2.4% QoQ constant currency in Q1 FY22, below our estimate of 3.6%.
This was primarily due to sharp de-growth in its India business (down 14.1% QoQ) on account of the second Covid-19 wave.
Excluding the impact in regional markets, core business growth of 4.1% QoQ constant currency was broadly in-line.
The Ebit margin at 25.5% (marginally above our estimates) declined 130 basis point QoQ, primarily due to annual wage hikes (170bp impact).
The company delivered another quarter of strong deal wins ($8.1 billion), with a book-to-bill ratio of 1.3 times, despite the absence of any mega deals.
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