TCS’ Q3 Beat Led By Faster-Than-Expected Demand Uptick: Motilal Oswal
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Motilal Oswal Report
Tata Consultancy Services Ltd. reported revenue growth of 4.1% QoQ constant currency in Q3 (versus estimate 2.3% QoQ CC).
This is the best QoQ growth posted by the company since FY11 in a seasonally weak Q3 - it was led by broad-based delivery across sectors and regions.
Moreover, the company improved its Ebit margin to 26.6% (up 40 basis points QoQ; up 100 basis points versus our estimate) despite absorbing the full impact of a wage hike (160 bps impact).
Deal wins (ex-Postbank at $0.5 billion) were $6.8 billion, down QoQ on tough comps, but were up 13% from Q3 FY20.
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