Fan Site: Inspired, Not Endorsed, By Rakesh Jhunjhunwala

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

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Disclaimer: This is a Fan Site in Rakesh Jhunjhunwala's name. Rakesh Jhunjhunwala is not associated with us and is in no way aware, accountable or responsible for what is stated here. Further, nothing here constiutes investment advice for you to act on. Also, we have a vested interest, and are extremely biased, in everything that we say. So Mind It!