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TCS: First cut - Views on News from Equitymaster
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TCS: First cut
Jan 15, 2008

Performance summary
  • Net sales grow by 5% QoQ in 3QFY09.
  • Operating margins expand by 0.5% QoQ during the quarter.
  • Profit after tax grows by 7% QoQ during the quarter.
  • Adds 41 new clients and 8,692 employees during the quarter. Attrition rate stands at 11.9%.

Consolidated financial snapshot
(Rs m) 2QFY09 3QFY09 Change 9MFY08 9MFY09 Change
Sales 69,534 72,770 165,695 206,411 24.6%
Expenditure 51,332 53,334 3.9% 123,795 153,183 23.7%
Operating profit (EBITDA) 18,202 19,437 6.8% 41,900 53,229 27.0%
Operating profit margin (%) 26.2% 26.7%   25.3% 25.8%  
Other income (1,689) (1,720)   5,983 (2,970)  
Depreciation 1,399 1,472 5.2% 4,040 3,992 -1.2%
Interest 58 103 79.3% 231 230 -0.6%
Profit before tax 15,057 16,142 7.2% 43,612 46,036 5.6%
Tax 2,204 2,401 8.9% 5,588 6,449 15.4%
Minority interest 136 120 -11.9% 221 344 55.5%
Share of profit of associates 7 1   (9) 6  
Profit after tax/(loss) 12,710 13,621 7.2% 37,812 39,237 3.8%
Net profit margin (%) 18.3% 18.7%   22.8% 19.0%  
No. of shares (m)       978.6 978.5  
Diluted earnings per share (Rs)*         52.8  
P/E ratio (x)*         9.7  
* Trailing 12 months basis

What to expect?
At the current price of Rs 510, the stock is trading at a multiple of 7.8 times our estimated FY11 earnings. We will put up a detailed analysis of the results post the management conference call that is scheduled for today late evening.

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Feb 20, 2018 09:37 AM

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