Kotak Securities is bullish on Tata Consultancy Services (TCS) and has recommended accumulate rating on the stock with a target of Rs 2519 in its July 18, 2014 research report.
"TCS' 1QFY15 results were better than estimates. The 4.75% CC revenue growth and 5.7% volume growth were higher than what we had expected. The growth was broad-based with almost all geographies and verticals growing at around the company average. Consistent high volume growth reflects effective demand generation initiatives and efficient execution. EBIDTA margins were slightly lower v/s expectations. They came in 208bps lower QoQ due to the salary hikes, rupee appreciation and higher visa expenses. Improved efficiencies helped restrict the impact. TCS added 4967 employees on net basis. The management has maintained its optimism on the demand scenario, backed by higher clarity and no delays in decision making by clients and agility in business spending. Based on the interactions with clients, management has maintained that, FY15 growth will be better than FY14, which is enthusing."
"We expect FY15 USD revenue growth to be 16.5% (16.2% in FY14E) and FY16 growth to be 13%. We have been maintaining our positive view on medium term demand growth, over the past few quarters. We maintain our earnings estimates for FY15 and FY16 at Rs.112 per share and Rs.125 per share. We accord a premium to TCS as compared to peers. In the past several quarters, TCS has reported industry - leading growth rates with sustained margins. We revise PT to Rs.2519 (Rs.2513), based on FY16E estimates. The stock has risen post 4QFY14 results. Looking at the 6% upside, we recommend ACCUMULATE (BUY)," says Kotak Securities research report.
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