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 an in line revenue growth of 4% QoQ constant currency in Q2 FY22.
However, U.S. dollar revenue growth (2.9% QoQ) missed our estimate of 3.7% QoQ growth.
Ebit margin expanded by 10 basis point QoQ to 25.6%, but was lower than our estimate of 26.2%, on supply side challenges.
Profit after tax stood at Rs 97 billion, up 6.9% QoQ, aided by higher other income and stable effective tax rate.
TCS reported an operating cash flow/PAT of 103% and a free cash flow/PAT of 97% on good working capital management, indicating the ability to generate strong cash flow.
H1 FY22 U.S. dollar revenue/Ebit/PAT grew 19.1%/20.6%/28.4% YoY.
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