Good 4Q driven by TCV and margin performance

15 Apr 2024
5 Min read 
  • TCS reported 4QFY24 results with revenue of USD7.36b, up 1.1% QoQ in constant currency terms.
  •  The growth was driven by India and the UK, while North America and Continental Europe were weak.
  •  TCS reported its highest-ever deal TCV of USD13.2b, with a book-to-bill ratio of 1.8x.
  •  The company maintained strong operating margin performance, with EBIT margin at 26.0%.
  •  Near-term demand commentary remains muted, but TCS expects better revenue growth in FY25.
  •  Valuations are positive, with a TP of INR4,600 and a BUY rating on the stock.
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