External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Our target price of INR 3,650 is based on 30x Jun-23E EPS with EPS CAGR at 14% over FY21-24E. Tata Consultancy Services: We maintain ADD on TCS, supported by strength in core segments (Q1 miss on India revenue to reverse) and continuity in market share gains (book-to-bill at 1.3x as compared to 1.2x for Accenture outsourcing). Growth drivers for the company include (1) calibrated focus on upstream/consulting business (larger share of G&amp;T;) increasing the addressable market/pipeline, (2) increased outsourcing (Europe), core transformation deals, and strong growth in public hyperscaler services, (3) strong deal wins in retail &amp; CPG vertical and increased deal volumes (not TCV) in BFSI, and (4) near-term lift-off with recovery in regional market segment (India revenue).</p><div class="content-highlight"><em>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.</em></div>

Our target price of INR 3,650 is based on 30x Jun-23E EPS with EPS CAGR at 14% over FY21-24E. Tata Consultancy Services: We maintain ADD on TCS, supported by strength in core segments (Q1 miss on India revenue to reverse) and continuity in market share gains (book-to-bill at 1.3x as compared to 1.2x for Accenture outsourcing). Growth drivers for the company include (1) calibrated focus on upstream/consulting business (larger share of G&amp;T;) increasing the addressable market/pipeline, (2) increased outsourcing (Europe), core transformation deals, and strong growth in public hyperscaler services, (3) strong deal wins in retail &amp; CPG vertical and increased deal volumes (not TCV) in BFSI, and (4) near-term lift-off with recovery in regional market segment (India revenue).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.

HSIE Results Daily: Tata Consultancy Services

Tata Consultancy Svcs

HSIE Results Daily: Tata Consultancy Services