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Q4FY24 Preview: Tata Consultancy Services: Revenues seen at ₹623,248 Million, PAT at ₹121,952 Million

10 Apr 2024 , 09:57 AM

Result date: April 12, 2024

Recommendation: Add

Target price: ₹4,000

Tata Consultancy Services (TCS) is all set to start the results season for the biggies on this Friday. Analysts at IIFL Securities are forecasting a revenue growth of 2.7% cc on a sequential basis, driven by a full-quarter ramp-up of the BSNL deal and reversal of furloughs in the US and Europe. They expect the company’s EBIT margins to remain broadly stable at 24.9% (down 10 basis points sequentially); as productivity benefits and muted hiring are partially offset by the lower-margin BSNL deal. The company could post healthy deal wins amid cost take-out deals.

Profit After Tax or PAT could grow 1.5% on a sequential basis.

Important management insights to watch out for:

  • Overall demand environment for FY25; particularly for discretionary spending
  • Deal-win TCV and decision-making cycles
  • Vertical-wise outlook
  • Potential margin levers for FY25, including expected wage hikes
  March 2024 estimates QoQ change YoY change
Revenue (US$ mn) 7,509 3.1% 4.4%
Revenue (₹ mn) 623,248 2.9% 5.3%
EBIT (₹ mn) 155,188 2.4% 7.1%
EBIT margin 24.9% (10) bps 40 bps
Profit After Tax (₹ mn) 121,952 1.5% 7.1%
EPS (₹) 33.7 2.6% 8.3%

Source: IIFL Research

Related Tags

  • Tata Consultancy
  • tcs
  • TCS Q4
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