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Tata Consultancy Services Ltd. reported strong results with revenue/Ebitda/profit after tax above estimates. Growth was broad-based across geographies with U.S. and Europe both showing double digit constant currency revenue growth.
Deal pipeline continues to be robust at $8.1 billion, in-line with the company’s target range of $7-9 billion. Operating margins improved by up 90 basis points on a quarterly basis as the company absorbed the impact of wage hikes from the previous quarter.
TCS continues to see strong demand momentum in the U.S. markets (54% revenues), but sees some slowdown in the European markets (29% revenues) as geo-political and macro concerns weigh.
We expect revenue/Ebitda/profit after tax to grow at 11%/12%/12% respectively between FY22-25E.
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