Tata Consultancy Services beat Street estimates, registering a 6.7 percent sequential growth in profit in the September quarter at Rs 7,475 crore. The TCS board has also approved a share buyback up to Rs 16,000 crore at Rs 3,000 per share. Consolidated revenue from operations for the quarter grew by 4.7 percent sequentially to Rs 40,135 crore, while the company registered a 4.8 percent QoQ growth in constant currency and 7.2 percent in dollar revenue for the quarter ended September 2020. Here's what the brokerages make of the results:
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TCS Q2 earnings review: Here's what brokerages make of the results
By CNBCTV18.com | IST (Updated)
- 1 / 5
CLSA on TCS: TCS kick-started Q2 earnings with a good quarterly performance, beating estimates on all fronts, said the brokerage. It maintains an 'outperform' call on the stock with the target raised to Rs 2,750 per share from Rs 2,610 earlier. CLSA also raised its FY22/23 EPS estimates by 3 percent.
- 2 / 5
Citi on TCS: The brokerage maintains a 'sell' call on the stock with a target at Rs 2,350 per share. It also raised FY22/23 estimates for TCS by 1-3 percent and added that medium-term commentary on IT spends is positive.
- 3 / 5
Macquarie on TCS: The brokerage maintains an 'outperform' rating on the stock and raised the target to Rs 3,030 per share from Rs 2,487 earlier. "TCS’ commentary on demand underscores our thesis of strong digital transformation," it said.
- 4 / 5
Jefferies on TCS: The IT major beat on margin mainly driven by higher-than-expected revenue growth, Jefferies said. It maintains a 'buy' call on the stock with a target at Rs 2,580.
- 5 / 5
Kotak Institutional on TCS: Market share gains and resilient spending by clients led to all-round growth for TCS in Q2, the brokerage said in its report. It maintains a 'buy' call on the stock with a target at Rs 2,800.