External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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

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Equity Bottom-Up

<ul><li>We have analysed TCS’ annual report and some key highlights include (1) near-term growth uncertainty due to weak discretionary, but medium-term growth drivers from Cloud and AI, (2) high growth skew in FY24 due to JLR (related party) and Products &amp; Platform which could continue</li><li>(3) sub-con still &gt;2x average employee expense despite sharp reduction in sub-contracting and employee pyramid is a margin tailwind ahead, (4) improving supply side metrics – higher certifications/learning hours/contextual masters, and (5) stable operating metrics</li><li>We expect TCS’ growth to accelerate from 3.4% CC in FY24 to 6.3% and 8.2% in FY25E and FY26E with EBITM at 25.5% and 26.0% respectively, translating into an 11.5% EPS CAGR over FY24-26E.</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.

We have analysed TCS’ annual report and some key highlights include (1) near-term growth uncertainty due to weak discretionary, but medium-term growth drivers from Cloud and AI, (2) high growth skew in FY24 due to JLR (related party) and Products &amp; Platform which could continue(3) sub-con still &gt;2x average employee expense despite sharp reduction in sub-contracting and employee pyramid is a margin tailwind ahead, (4) improving supply side metrics – higher certifications/learning hours/contextual masters, and (5) stable operating metricsWe expect TCS’ growth to accelerate from 3.4% CC in FY24 to 6.3% and 8.2% in FY25E and FY26E with EBITM at 25.5% and 26.0% respectively, translating into an 11.5% EPS CAGR over FY24-26E.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: Mega Deals Led Outperformance. Maintain ADD

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>TCS reported a steady operating performance – revenue grew 1.1% QoQ (1.1% CC) to USD7.36bn, slightly missing our estimate of USD7.42bn.</li><li>Growth fell short of management’s initial estimates on account of the tough macro and slower decision-making.</li><li>Adj. EBITM expanded by 100bps QoQ to 26%, logging higher than our estimate of 25.1%, aided by reduction in subcontracting costs, better utilization, and productivity improvement. </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 a steady operating performance – revenue grew 1.1% QoQ (1.1% CC) to USD7.36bn, slightly missing our estimate of USD7.42bn.Growth fell short of management’s initial estimates on account of the tough macro and slower decision-making.Adj. EBITM expanded by 100bps QoQ to 26%, logging higher than our estimate of 25.1%, aided by reduction in subcontracting costs, better utilization, and productivity improvement. 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 - Superior Execution Drives Margin Beat

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>Motilal Oswal's research report onTCS TCS reported revenue of USD7.36b in 4QFY24, up 1.1% QoQ in constant currency (CC) terms, 110bp below our estimates but in line with Bloomberg consensus, despite ongoing demand weakness.</li><li>The growth was driven by India (up 11% QoQ/37% YoY, aided by BSNL scale up) and the UK (up 3.6% QoQ), while North America and Continental Europe were weak.</li><li>TCS reported its best quarterly deal TCV of USD13.2b (up 63% QoQ/32%YoY, book-to-bill ratio at 1.8x), including one mega deal.</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.

Motilal Oswal's research report onTCS TCS reported revenue of USD7.36b in 4QFY24, up 1.1% QoQ in constant currency (CC) terms, 110bp below our estimates but in line with Bloomberg consensus, despite ongoing demand weakness.The growth was driven by India (up 11% QoQ/37% YoY, aided by BSNL scale up) and the UK (up 3.6% QoQ), while North America and Continental Europe were weak.TCS reported its best quarterly deal TCV of USD13.2b (up 63% QoQ/32%YoY, book-to-bill ratio at 1.8x), including one mega deal.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 - Good 4Q Driven by TCV and Margin Performance

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

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.

<ul><li>Prabhudas Lilladher's research report onTata Consultancy Services TCS reported revenue of USD7.4b, up +1.1% QoQ in CC and reported terms, below consensus of +1.4% QoQ.</li><li>The growth was partly aided by ramp up of BSNL deal, otherwise key vertical (BFSI flat QoQ) and geography (NA flat QoQ) remained muted in Q4.</li><li>Despite the softness in revenue, the company recorded highest-ever deal TCV of USD13.2b (+32% YoY) in Q4 partly aided by mega deal (Aviva Insurance) and other notable large wins.</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.

Prabhudas Lilladher's research report onTata Consultancy Services TCS reported revenue of USD7.4b, up +1.1% QoQ in CC and reported terms, below consensus of +1.4% QoQ.The growth was partly aided by ramp up of BSNL deal, otherwise key vertical (BFSI flat QoQ) and geography (NA flat QoQ) remained muted in Q4.Despite the softness in revenue, the company recorded highest-ever deal TCV of USD13.2b (+32% YoY) in Q4 partly aided by mega deal (Aviva Insurance) and other notable large wins.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 Execution, Notable Wins Defying Macros

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>In Q4FY24, Tata Consultancy Services Ltd. (TCS) reported revenue of Rs 61,237 Cr, up only 1.5% on a QoQ basis (in rupee terms).</li><li>The lacklustre growth was owing to weakness in discretionary spending.</li><li>On a YoY basis, it posted revenue growth of 3.5%. The company reported operating profits of Rs 15,918 Cr and operating margins of 26%, up 100bps QoQ. </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.

In Q4FY24, Tata Consultancy Services Ltd. (TCS) reported revenue of Rs 61,237 Cr, up only 1.5% on a QoQ basis (in rupee terms).The lacklustre growth was owing to weakness in discretionary spending.On a YoY basis, it posted revenue growth of 3.5%. The company reported operating profits of Rs 15,918 Cr and operating margins of 26%, up 100bps QoQ. 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 Uncertainty Still Persists

India

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

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Tata Consultancy Svcs (TCS IN)

Tata Consultancy Services: Mega Deals Led Outperformance. Maintain ADD

We expect TCS’ growth to accelerate from 3.4% CC in FY24 to 6.3% and 8.2% in FY25E and FY26E with EBITM at 25.5% and 26.0% respectively,...

HDFC Securities

Tcs - Superior Execution Drives Margin Beat

TCS reported a steady operating performance – revenue grew 1.1% QoQ (1.1% CC) to USD7.36bn, slightly missing our estimate of USD7.42bn.

Emkay

TCS - Good 4Q Driven by TCV and Margin Performance

TCS reported its best quarterly deal TCV of USD13.2b (up 63% QoQ/32%YoY, book-to-bill ratio at 1.8x), including one mega deal.

Motilal Oswal

Tata Consultancy Services - Strong Execution, Notable Wins Defying Macros

Prabhudas Lilladher's research report onTata Consultancy Services TCS reported revenue of USD7.4b, up +1.1% QoQ in CC and reported terms, below...

Prabhudas Lilladhar

Tata Consultancy Services - Superior Execution; Demand Uncertainty Still Persists

In Q4FY24, Tata Consultancy Services Ltd. (TCS) reported revenue of Rs 61,237 Cr, up only 1.5% on a QoQ basis (in rupee terms).

Axis Direct

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