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>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. 

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<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

<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

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 - 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

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

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