External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Tata Consultancy Services / Equity Bottom-Up

<ul><li>TCS reported revenue of USD7.5b, up ~2.2% QoQ CC and 1.9% in reported terms, above our estimates of +1.4% QoQ CC &amp; consensus of +1.5% QoQ CC due to continued ramp up of BSNL deal.</li><li>Sequential growth was also observed across most of the verticals &amp; regions with green shoots in BFSI &amp; North America region.</li><li>EBIT margin declined by 130 bps majorly due to the headwinds of wage hikes &amp; higher third-party expenses, which partly got offset by subcon optimization.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TCS reported revenue of USD7.5b, up ~2.2% QoQ CC and 1.9% in reported terms, above our estimates of +1.4% QoQ CC &amp; consensus of +1.5% QoQ CC due to continued ramp up of BSNL deal.Sequential growth was also observed across most of the verticals &amp; regions with green shoots in BFSI &amp; North America region.EBIT margin declined by 130 bps majorly due to the headwinds of wage hikes &amp; higher third-party expenses, which partly got offset by subcon optimization.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consultancy Services - Strong Start to the Year…

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Emkay Global Financial's research report onTCS TCS noted a tad better than expected operating performance in Q1.</li><li>Revenue grew 1.9% QoQ (2.2% CC) to USD7.51bn, slightly surpassing expectations and largely backed by higher than estimated revenue contribution from the BSNL deal (almost half of incremental revenue QoQ).</li><li>EBITM fell by 130bps QoQ to 24.7% due to wage hike.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emkay Global Financial's research report onTCS TCS noted a tad better than expected operating performance in Q1.Revenue grew 1.9% QoQ (2.2% CC) to USD7.51bn, slightly surpassing expectations and largely backed by higher than estimated revenue contribution from the BSNL deal (almost half of incremental revenue QoQ).EBITM fell by 130bps QoQ to 24.7% due to wage hike.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tcs - Steady Performance; Macro Uncertainty Weighs on Growth Visibility

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>TCS reported revenue of USD7.5b in 1QFY25, up 1.9% QoQ in USD terms, beating our estimate of ~1.3%.</li><li>Growth was driven by strong performances in India (up 14.1% QoQ/59.0% YoY, aided by BSNL scale-up), the UK (up 2.5% QoQ) and North America (up 0.9% QoQ).</li><li>TCS reported a deal TCV of USD8.3b, within its usual range but down 37.1% QoQ and 18.6% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TCS reported revenue of USD7.5b in 1QFY25, up 1.9% QoQ in USD terms, beating our estimate of ~1.3%.Growth was driven by strong performances in India (up 14.1% QoQ/59.0% YoY, aided by BSNL scale-up), the UK (up 2.5% QoQ) and North America (up 0.9% QoQ).TCS reported a deal TCV of USD8.3b, within its usual range but down 37.1% QoQ and 18.6% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tcs - Discretionary Spending Remains Lukewarm

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Tata Consultancy Services’ (TCS) Q1 performance reflects signs of recovery and an improving growth trajectory</li><li>The strongest sequential growth in the last six quarters at 2.2% QoQ CC, growth in headcount following successive decline, improved BFSI composition in deals and commentary of recovery in NorthAm banking are positives</li><li>We reckon that the leakages in renewals/ongoing projects have troughed—evident from management commentary that speaks of similar client spending yet better predictability (vs 50/100bps variance in the previous quarter)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consultancy Services’ (TCS) Q1 performance reflects signs of recovery and an improving growth trajectoryThe strongest sequential growth in the last six quarters at 2.2% QoQ CC, growth in headcount following successive decline, improved BFSI composition in deals and commentary of recovery in NorthAm banking are positivesWe reckon that the leakages in renewals/ongoing projects have troughed—evident from management commentary that speaks of similar client spending yet better predictability (vs 50/100bps variance in the previous quarter)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consultancy Services - Heads You Win, Tails You Don’t Lose. Maintain ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>From a long-term perspective, we believe TCS has built a resilient business model by securing multiple long-term contracts with the world’s leading brands.</li><li>It has also established robust capabilities that will enable it to gain market share moving ahead.</li><li>However, prevailing uncertainties in large economies continue to pose short-term headwinds to the company’s growth prospects.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

From a long-term perspective, we believe TCS has built a resilient business model by securing multiple long-term contracts with the world’s leading brands.It has also established robust capabilities that will enable it to gain market share moving ahead.However, prevailing uncertainties in large economies continue to pose short-term headwinds to the company’s growth prospects.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consultancy Services - Superior Execution; Demand Shaping-Up

India

Tata Consultancy Services (TCS) is an Indian multinational information technology (IT) services and consulting company. It offers a comprehensive portfolio of services including IT infrastructure services, engineering and industrial services, business intelligence, and cloud services, along with various business solutions to multiple industries. TCS is headquartered in Mumbai, Maharashtra, India, and was founded in 1968.

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Tata Consultancy Services (TCS IN)

Tata Consultancy Services - Strong Start to the Year…

TCS reported revenue of USD7.5b, up ~2.2% QoQ CC and 1.9% in reported terms, above our estimates of +1.4% QoQ CC & consensus of +1.5% QoQ CC due to...

Prabhudas Lilladhar

Tcs - Steady Performance; Macro Uncertainty Weighs on Growth Visibility

Emkay Global Financial's research report onTCS TCS noted a tad better than expected operating performance in Q1. Revenue grew 1.9% QoQ (2.2% CC) to...

Emkay

Tcs - Discretionary Spending Remains Lukewarm

Growth was driven by strong performances in India (up 14.1% QoQ/59.0% YoY, aided by BSNL scale-up), the UK (up 2.5% QoQ) and North America (up 0.9%...

Motilal Oswal

Tata Consultancy Services - Heads You Win, Tails You Don’t Lose. Maintain ADD

TCS remains the best play in tier-1 IT to capture more of the same (gradual recovery/superior execution) or spurt in industry demand (strong...

HDFC Securities

Tata Consultancy Services - Superior Execution; Demand Shaping-Up

rom a long-term perspective, we believe TCS has built a resilient business model by securing multiple long-term contracts with the world’s leading...

Axis Direct

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