Axis Securities initiates coverage on Tata Consultancy Services with a ‘BUY’ recommendation and a Target Price (TP) of ₹4,200/share, implying an upside of 14% from the CMP. The stock is currently trading at ₹3661.
TCS has ended the financial year with ₹9,926 crore net profit and ₹50,591 crore in revenue. The net profit registered a 7.4% rise on a year-on-year basis, while the revenue rose 15.8% YoY.
For the full fiscal year, TCS' operating margin rose 25.3%, while its net income grew 14.8% YoY to ₹38,327 crore. The revenue for the full fiscal year stood at ₹191,754 crore, up 16.8%.
TCS also recorded the highest ever order book of $11.3 billion in Q4, and it was $34.6 billion for the full fiscal year.
TCS added 10 clients in the $100 million+ category, 19 in the $15 million+ category, 40 in the $20 million+ category and 52 in the $10 million category.
North America remains the top market for TCS at 18.7% growth in Q4 FY22, followed by the UK and Continental Europe at 13% and 10.1% growth, respectively.