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Dolat Capital Report
Tata Consultancy Services Ltd. reported revenue growth of 4.1% QoQ in constant currency terms (our estimate 3.2%) led by broad-based growth across verticals.
Postbank deal is not included in Q3. Operating profit margin improved by 350 basis points to 26.6% (our estimate 23.1%). Adjusted OPM improved by 42 basis points despite full quarter impact of wage hike.
Signed total contract of $6.8 billion (banking financial services and insurance $2.6 billion, $retail 1 billion) implying 1.44 times revenue coverage on trailing twelve month basis.
The company is confident to achieve ‘double digit growth’ for CY21/FY22E as it expects cloud adoption led multi-year growth opportunity which will ensure sustained momentum.
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