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. Q3 FY22 performance was slightly higher than with our estimate. Dollar revenue was up 3% QoQ to $6,333 million (our estimate: $6,488 million). Rupee revenue grew by 4.3% QoQ to Rs 4,88,850 million (our estimate: Rs 4,4,86,591 million).
Reported operating margin contracted by 57 basis points to 25.0% led by supply side pressures of backfilling of attrition, increased sub-contracting costs, wage interventions to retain talent and discretionary costs.
Reported net profit grew by 1.5% QoQ to Rs 97,690 million (our estimate Rs 99,135 million) with margin of 20%.
TCS showed strength in its core business segment and has bagged large/mid-sized deals spread across verticals (no mega deals win in Q3).
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