TCS Review Macquarie Outperform, Target Price Rs 4150 2Q beat on EBIT margin, PAT; revenue misses Puts to bed concerns that margin issue could become structural Continue to prefer TCS to Infosys (both OP)

Bernstein on TCS Outperform, Target Price Rs 3850 Delivered with Rev beat & inline margins Commentary on deal closure/pipeline was constructive while remaining watchful on macro risks

Jefferies on TCS Hold, Target Price Raised to Rs 3180 2Q ahead with revenues, margins & profits beating est. Deal wins at US$8.1bn steady YoY Raise FY23-25 est by 2-5% Expect TCS to deliver 12% EPS CAGR over FY22-24 TCS’ premium valuations may limit upside

CLSA on TCS Outperform, Target Price Rs 3450 2QFY23 in-line with est. Near-term revenue outlook intact and supply pressure abating Long-term demand outlook: softness, yes, but no alarms Increased confidence in margin management

CS on TCS Neutral, TP Rs 3300 2Q: Strong revenue growth & margin improvement, but FY24 demand scenario still uncertain Margins benefitted from operational efficiencies & currency Increase FY23-FY25E EPS by 2-4% to a/c for better margins in 2Q & currency benefits

CITI on TCS Sell, Target Price raised to Rs 2900 Good 2Q – UK/India drives beat Deal TCV at $8.1b (vs past 4 quarter avg: $8.7b; +7% yoy). Demand sustainability key – management commentary was mixed; not surprising given backdrop

Kotak Inst Eqt on TCS Add, Target Price Rs 3450 Strong 4% rev growth in c/c, 90 bps higher than est EBIT margin increased 90 bps qoq to 24%, impressive Margins will improve further & settle in 25% range Signs of slowdown visible in moderate hiring & weak TCVs though not a surprise