Angel Broking - Tata Consultancy Services - RU3QFY2013 - Accumulate
Rajesh Desai
Dear All,
Forwarding you the Result Update on Tata Consultancy Services for 3QFY2013 with an Accumulate recommendation and a Target Price of `1465 (12 months).
For 3QFY2013, TCS reported yet another set of healthy quarterly results, outperforming street as well as our expectations on the operating margin as well as the profit front. The only disappointment in the result was sluggish volume growth of 1.25% qoq. TCS closed seven large deals during 3QFY2013. The Management sounded confident of FY2014 being a better year than FY2013 as clients seem to have a better handle on the kind of projects they want to execute. TCS remains one of the defensive bets in the IT pack. We maintain our Accumulate rating on the stock.
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With best regards,
Fundamental Advisory Desk
Angel Broking
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CA. Rajesh Desai