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, 02:57:44 PM IST Axis Securities on TCS Q3 performanceįinancial Performance: Tata Consultancy Services Ltd (TCS) reported a 4.3% revenue growth QoQ in Q3FY22 in Rupee terms, much in line with our expectations. We recommend a HOLD rating on the stock and assign a 27x P/E multiple to its FY24E earnings of ₹27.7/share to arrive at a TP of ₹750/share, implying an upside of 9% from CMP. Furthermore, its EBITDA margins are likely to expand in the near term driven by long-term contracts with the world’s leading brands, depreciation in INR, lower travel cost, and lower on-site expenses. Outlook & Valuation: Over the years, Wipro has proactively built a resilient business. The majority of the verticals are witnessing strong growth and are likely to continue their growth in the forthcoming quarters in the backdrop of a strong deal pipeline. While the Communication vertical grew by 1.8% QoQ, Consumer business/ Manufacturing verticals grew by 4.7%/ 1.9% QoQ, respectively.
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Operating Performance: The company’s BFSI vertical grew by 3.5% QoQ while the E&U vertical delivered a de-growth of 3% over the same period. Net profit for the quarter reported a growth of 34% YoY as it stood at ₹2,972 Cr. However, the operating margin declined by 20bps at 17.6% QoQ. Operating profit grew robust 30.8% YoY to ₹3,492 Cr, aided by better executions, better employee management, and service mix. , 03:18:07 PM IST Axis Securities on Wipro Q3 earningsįinancial Performance: Wipro Ltd’s (Wipro) revenue growth stood below our expectations at ₹20,313 Cr, up 3.1% QoQ and 27% YoY in CC terms.