The companyвЂ™s revenues stood at в‚№48,885 Cr, up 16.3% YoY and 4.3% QoQ. , 02:57:44 PM IST Axis Securities on TCS Q3 performanceДЇinancial Performance: Tata Consultancy Services Ltd (TCS) reported a 4.3% revenue growth QoQ in Q3FY22 in Rupee terms, much in line with our expectations. We recommend a HOLD rating on the stock and assign a 27x P/E multiple to its FY24E earnings of в‚№27.7/share to arrive at a TP of в‚№750/share, implying an upside of 9% from CMP. Furthermore, its EBITDA margins are likely to expand in the near term driven by long-term contracts with the worldвЂ™s leading brands, depreciation in INR, lower travel cost, and lower on-site expenses.

Outlook & Valuation: Over the years, Wipro has proactively built a resilient business. The majority of the verticals are witnessing strong growth and are likely to continue their growth in the forthcoming quarters in the backdrop of a strong deal pipeline. While the Communication vertical grew by 1.8% QoQ, Consumer business/ Manufacturing verticals grew by 4.7%/ 1.9% QoQ, respectively. Operating Performance: The companyвЂ™s BFSI vertical grew by 3.5% QoQ while the E&U vertical delivered a de-growth of 3% over the same period. Net profit for the quarter reported a growth of 34% YoY as it stood at в‚№2,972 Cr. However, the operating margin declined by 20bps at 17.6% QoQ. Operating profit grew robust 30.8% YoY to в‚№3,492 Cr, aided by better executions, better employee management, and service mix. , 03:18:07 PM IST Axis Securities on Wipro Q3 earningsДЇinancial Performance: Wipro LtdвЂ™s (Wipro) revenue growth stood below our expectations at в‚№20,313 Cr, up 3.1% QoQ and 27% YoY in CC terms.

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