Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: A-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

Tata Consultancy Services: Premium at Excessive Levels, Pricing in Overly Optimistic Relative Growth

HCL Technologies: Doubts over Organic Growth, Eroding Returns, Drives Undeserved Discount Rating

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> reported its Q4FY21 earnings. Optically, it reported strong growth but the devil lies in the details. There is not much to cheer about! Adjusted for TCS' inorganic captive acquisitions, the growth appears to be moderate. All that is there to cheer about, is already priced in. While the Digital Transformation and Cloud Services segments no doubt present a long runway for growth, the current valuation seems to be already pricing this in. </p>

Tata Consultancy Svcs (TCS IN) reported its Q4FY21 earnings. Optically, it reported strong growth but the devil lies in the details. There is not much to cheer about! Adjusted for TCS' inorganic captive acquisitions, the growth appears to be moderate. All that is there to cheer about, is already priced in. While the Digital Transformation and Cloud Services segments no doubt present a long runway for growth, the current valuation seems to be already pricing this in. 

TCS: Organic Growth Was Moderate, Not Much to Cheer About!