Cognizant’s Q2CY12 revenue at USD1.80bn, up 4.9% QoQ, was marginally ahead of Street estimate and 30bps higher than company’s guidance of 4.6% QoQ growth. For Q3CY12, it guided for revenue of USD1.88bn (up 4.4% QoQ) and has maintained its annual revenue guidance of USD7.34bn, implying growth of 4.5% for Q4CY12, which we believe is achievable. The quarter saw robust growth in financial services (FS; 6.1%) and manufacturing/retail/logistics (MRL; 7.1%). Within FS, traction improved in banking led by cost optimisation projects while outlook for pharmaceuticals within healthcare remains muted. Management expects growth in balance quarters to be driven by ramp up of clients won in past few quarters.
06 August 2012
Coal India - Upwards revision in penalty structure :Edelweiss,
Coal India (CIL) has revised penalty structure for new FSAs upwards to 1.5-40% (earlier 0.01%), which has potential adverse impact of 3-4% on FY14E EPS. Decision on price pooling for imported coal has been deferred. We believe concerns on potential hit to the company of high cost imported coal are overdone since power producers have in-principle agreed to price pooling. Pending clarity, we retain our estimates and ‘BUY’ with TP of INR410.
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