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3QFY2011 Result Reviews
TCS
TCS reported decent set of 3QFY2011 numbers. The company reported revenue of
US $2,144 mn (v/s our expectation of US $2,158mn) with 7% qoq growth on the back of
modest volume growth of 5.7% qoq (v/s our expectation of 7%), led by growth in mature
markets as well as a 1.18% qoq pricing uptick. In INR terms, revenue came in at `9,663cr
(v/s our expectation of `9,680cr), up 4.1% qoq. EBITDA margin expanded by 15bp qoq to
historic high of 30.2% (v/s our expectation of 29.7%). PAT stood tall at `2,370cr, registering
whopping 10.6% qoq growth (v/s our estimate of `2,197cr) on the back of strong net
income of `181.8cr as against `33.7cr in 2QFY2011. The company remains our top pick
amongst Tier-I IT companies because of its diversified portfolio on all fronts service wise,
industry exposure wise as well as geography wise. At the CMP of `1,138, the stock is trading
at 23.6x FY2012E EPS of `48.3. We remain positive on the stock and will be revising our
estimates post the conference call.
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