BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
KRChoksey Research Report
Tata Consultancy Services Ltd. Q4 FY22 performance is in-line with our estimate. Dollar revenue was up 2.6% QoQ to $6,696 million (our estimate: $6,681 million).
Rupee revenue grew by 3.5% QoQ to Rs 5,05,910 million (our estimate: Rs 5,02,487 million). Reported operating margin contracted by 7 basis points to 25.0% led by supply side pressures of backfilling of attrition, increased sub-contracting costs, wage interventions to retain talent and discretionary costs.
Reported net profit grew by 1.6% QoQ to Rs 99,260 million (our estimate: Rs 99,889 million) with margin of 19.6%.
In this quarter, TCS has registered a highest ever deal bookings of $11.3 billion (two mega deal wins more than $1 billion in Q4).
TCS is well poised to benefit from strong demand and growing digital transformation opportunities, although salary inflation and potential slowdown in Europe remain near-term concerns.
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