Tata Consultancy Services Ltd. share price target

Revenue decreased by 0.31% to Rs. 29642.0 Cr in Q4FY17 when compared to the previous quarter.

higher than our estimate), while net profit declined by 2.6% QoQ (1.7% below our estimate). Vertical-wise, BFSI clocked flattish revenue owing to cyclicality, while Retail faced disruption (similar commentary as Infosys) with revenue declining by 1.2% QoQ. Communications & Media...

4Q was marked by skewed growth across services and geographies, and visible challenges in the core geo and core verticals (BFSI, Retail). Additionally, the margin outlook (26-28% EBIT %) also comes with its downside risks (largely currency-related). Structural headwinds (including a shorter contract duration) in TCS? BFSI and Retail & CPG verticals (53% of revenue) are reflecting in its underperformance vs INFY, which also has higher non-linearity.

Rupee revenues declined 0.3% QoQ to | 29,642 crore, below our 0.1% QoQ decline and | 29,701 crore estimate At 25.7%, EBIT margins declined 30 bps and were below our 26.0% estimate mainly on account of currency fluctuation (~40 bps) PAT of | 6,608 crore was below of our | 6,767 crore estimate led by the muted performance on the operational front. TCS proposed a final dividend of | 27.5 per share...

Q4FY17 revenue growth of 1% QoQ (in constant currency - CC) was inline with our forecast. EBIT margin decline of 28bps QoQ to 25.7% missed our forecast of a +20bps QoQ. However, EPS of Rs33.5, -2.5%/+4.2% QoQ/YoY was in-line with our forecast due to lower tax rate. TCS is confident of being able to realign its business model to changes in the visa policy in the US and targets to maintain the EBIT margin band of 26%-28% in the long-term. We largely maintain our FY18E forecast and introduce FY19 financials. We forecast a revenue (US$)/EPS CAGR of 6.9%/7.7% over FY17-19E. We rollover to FY19E and maintain HOLD with revised TP of Rs2,440 based on PER of 16x....

If the promoters decide to maintain their shareholding at the current levels of 73.31%, they will have to sell about 41.2mn shares, leaving only 15mn shares to be bought from the public, implying the acceptance ratio at a minuscule 0.76%....

If the promoters decide to maintain their shareholding at the current levels of 73.31%, they will have to sell about 41.2mn shares, leaving only 15mn shares to be bought from the public, implying the acceptance ratio at a minuscule 0.76%....

ICICI Securities Ltd | Retail Equity Research TCS board has approved a proposal to buy back shares worth | 16,000 crore on a proportionate basis under the tender offer route. TCS will repurchase 5.6 crore of shares (2.85% of its equity) at | 2,850/share. While the buyback should be broadly EPS neutral, the return ratio should improve, going forward, with better utilisation of cash. Furthermore, with 40% dividend payout in 9MFY17 & buyback equivalent to 55% of FY18E EPS, we would be closely watching TCS' capital allocation strategy to...

Share buyback provides near term support to the stock TCS has announced share buyback of 56.1mn shares (2.85% of share capital) at Rs2,850/sh aggregating to Rs160bn. While the quantum of shares to be bought back is in-line with our...

TCS reported higher revenue in Q3FY17, largely due to steady performance in BFSI, Retail and Manufacturing vertical. As expected, delay in India ordersfrom Q2 to Q3 was a contributor to revenue growth. EBIT margin was lower than expected due to higher Equipment & Software expenses (linked to India g..