Hold Tata Consultancy Services; target of Rs 2806: KR Choksey

KR Choksey recommended hold rating on Tata Consultancy Services with a target price of Rs 2806 in its research report dated January 12, 2018.



KR Choksey's research report on Tata Consultancy Services

In dollar terms, Net Sales in Q3 FY18 stood at $4,787 Mn which was below our estimates of $4,816 Mn and reported a growth of 1.0% qoq and 9.1% yoy By Geography: Continental Europe led the growth figures with a 1.8% qoq growth, followed by UK at 1.7% qoq and Americas at 1.2% qoq. India has seen a bounce back of 1%  after a significant decline of 7% in the 2QFY18 .  By Industry: Retail & Distribution led the pack with a growth of 6.1% qoq growth, followed by Energies and Utilities  at 8.2% qoq growth and Life Sciences and Healthcare at 2.4% qoq growth. Digital revenues stood at 22.1% of overall revenues, registering a 13.9% qoq growth.

Outlook

We have a “Hold” rating on the stock and as we assign multiple of 17.3x to its FY20E EPS of INR. 162.2 to arrive at a price target of INR 2,806.

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