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Tata Consultancy Services
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Continues to be on a song
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ACCUMULATE
CMP: Rs 1,125 Target Price: Rs 1,300
n Inline op performance with rev at US$ 2,412 mn(+7.5% QoQ, est +6.2% QoQ) while mgns slipping by ~230 bps QoQ (V/s exp of ~200 bps). Profit beat driven by higher other income
n Broad based growth across verticals/services and geographies. 10 deal wins during the qtr and remains confident of growth citing large deal pipeline ahead.
n Op metrics performance rock solid yet again. Co remains confident of improving margins ahead and sees no significant supply side headwinds
n Raise FY12/13E EPS by ~2.4/1.5% respectively to Rs 52.5/62.6 driven primarily by higher other income assumptions. Retain ACCUMULATE with a revised March’12 TP of Rs 1,300
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