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 Q3 FY22 revenue of $6.52 billion, up 4.0% QoQ in constant currency – above our estimate of 3.2% QoQ growth. Q3 topline was driven by communication, technology and regional markets, while manufacturing and retail verticals dragged down growth.
Ebit margin contracted 60 basis points QoQ to 25.0%, 100 bps lower than our estimate of 26.0%, as TCS augmented its employee intake (all-time high at 28,000), along with a spike in sub-contracting cost.
Net profit stood at Rs 97.7 billion, up 1.5% QoQ, which was below our estimate due to the miss on operating margin.
TCS’s Q3 deal wins remained stable at $7.6 billion, with no mega deal (similar to Q2). We view the stability in deal wins in the absence of mega deals as positive.
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