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.
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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