Fundamental Result Update

TCS Ltd - Q4FY17 Result Update



TCS has delivered a steady set of numbers with increase in revenue by 1.5% qoq to $4,452 mn. Rupee revenues decreased by 0.3% qoq to Rs. 29,642 cr.LTM attrition down further QoQ to 10.5% in IT services. Digital revenues at 15.5% in Q4 were driven by demand for business agility. Operating Income stood at Rs7,627 crore; Growth of 3.0% Y-o-Y and declined by 1.4% Q-o-Q. Operating Margin stood at 27.4%.

Outlook: We believe that incoming of Rajesh gopinath as CEO will drive the TCS to new way and company will improve its performance with consistent client wins and cautious about global scenario. We are optimistic on company’s transformation on digital platform. We have valued stock at P/E(x) of 15x to its FY19E earnings and have arrived at fair value of Rs 2,505 per share. We have ‘HOLD’ rating on the stock.


Tags: FundamentalResult Update


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