3Q beats estimates despite demand constraints

12 Jan 2024
5 Min read 
  • TCS reported 3QFY24 revenue of USD7.28b, beating estimates despite weak demand and seasonal weakness.
  •  Deal wins in 3Q were USD8.1b, in line with expectations.
  •  EBIT margin improved 70bp QoQ to 25.0%, exceeding estimates.
  •  Attrition rate declined by 160bp QoQ to 13.3%.
  •  TCS expects improvement in client sentiment and growth in BFSI sector in 4Q.
  •  TP of INR4,250 implies 14% upside potential, reiterating BUY rating.
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