TCS Q4 Review - Strong FY21 Exit Rate, Deal Wins To Drive Growth In 2022: Motilal Oswal
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Motilal Oswal Report
Tata Consultancy Services Ltd. reported revenue growth of 4.2% QoQ constant currency in Q4 FY21 (versus our estimate of 3.4%), delivering its third consecutive quarter of broad based (over 4% QoQ) growth.
It marginally improved its Ebit margin to 26.8% (up 20 basis point QoQ/up 170bp YoY). The same was below our estimate (27.2%) on ramp up of large deals.
Deal wins in Q4 FY21 stood at $9.2 billion, the highest in its history, with a book-to-bill ratio of 1.5 times.
A good Q4 helped it report sales (U.S. dollar)/Ebit/profit after tax growth of 0.6%/10%/0.4% in FY21.
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