TCS Well Placed To Leverage Sector Growth, But Margins May Remain Under Pressure.
Stock Recommendations
- Reiterates ‘buy’ and raises target price to Rs 4,240 from Rs 4,150, an implied return of 14.71%.
- Record headcount addition implies demand visibility.
- Strong deal wins suggest robust revenue growth outlook for FY23.
- Factors in a revenue growth of 13.9% YoY in constant currency terms in FY23, aided by higher visibility on cloud-led spending and strong demand.
- Expects TCS to see some benefit in overall cost in FY23 from its fresher intake of 1,00,000 in FY22.
- Expects margin to continue to remain under pressure.
- Expects current supply-side challenges to normalise over the next two quarters.
- Firms is well positioned to leverage anticipated industry growth, led by cloud migration and digital transformation deals.
- Consistent market leadership, best in-class execution provides the company with ample room to maintain industry-leading margin and superior return ratios.
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