Stock Recommendations: Reiterates ‘buy’ and target price to Rs 4,240

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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