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SMR
05-06-2015, 06:09 PM
Tata Consultancy Services Limited (TCS) is an information technology (IT) services, consulting and business solutions organization. TCS offers a consulting-led, integrated portfolio of IT, Business Process Services (BPS), infrastructure, engineering and assurance services. It services portfolio comprises assurance services, business intelligence (BI) and performance management, business process services, consulting, digital enterprise, engineering and industrial services, enterprise security and risk management, enterprise solutions, iON business, IT infrastructure services, IT services, platform solutions and supply chain management, among others. TCS offers software, including Digital Software and Solutions, TCS BaNCS, TCS MasterCraft and TCS Technology Products. It serves various industries, including Banking and Financial Services, Energy, Government, Healthcare, High Tech, Insurance, Life Sciences, Resources, Retail and Consumer Products, Telecom, Travel, and Utilities.

Official website: www.tcs.com

SMR
07-14-2015, 03:06 AM
Tata Consultancy Services (TCS)’ 1QFY2016 results have come in lower than our expectations on the sales and net profit fronts. The company has posted a 3.5% qoq growth in its top-line to US$4,036mn V/s an expected US$4,056mn. The volume growth during the period was strong, ie of 4.8% qoq. Among verticals, BFS, Retail, Life Sciences and Telecom grew strongly while among geographies; North America and UK were the growth drivers. The Adj. EBITDA margin for the quarter came in at 28.1% V/s an expected 28.5%, a qoq dip of 102bp. The margins were cushioned by higher utilization, which came in at 82.9% for the quarter V/s 81.5% in 4QFY2015. On the flip side, attrition rose marginally to 15.9% V/s 14.9% in 4QFY2015. Consequently, the Adj. PAT came in at `5,709cr V/s an expected Rs5,950cr, a dip of 3.3% qoq. We maintain our Buy rating on the stock with a target price of Rs3,168. Quarterly highlights: Company has posted a 3.5% qoq growth in its top-line to US$4,036mn V/s an expected US$4,056mn. The volume growth during the period was strong, ie of 4.8% qoq. Among verticals, BFS, Retail, Life Sciences and Telecom grew strongly while among geographies, North America and UK were the growth drivers. In rupee terms, revenues came in at Rs25,668cr V/s an expected Rs25,784cr, up 6.0% qoq. The Adj. EBITDA margin came in at 28.1% V/s 28.5% expected a qoq dip of 102bps. The margins were cushioned by higher utilization, which came in at 82.9% for the quarter V/s 81.5% in 4QFY2015. On the flip side, attrition rose marginally to 15.9% V/s 14.9% in 4QFY2015. Consequently, the Adj. PAT came in at Rs5,709cr V/s an expected Rs5,950cr, a dip of 3.3% qoq. Outlook and valuation: The Management reiterated that it expects the company’s growth in FY2016to be higher than the NASSCOM growth estimate of 12-14% for the industry. Over FY2015-17E, we expect TCS’ revenue to post a CAGR of 13.0% in USD terms and of 14.3% in INR terms.

Source http://www.angelbroking.com

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