Credit Suisse View on TCS
Research firm Credit Suisse has kept its ‘neutral’ rating on the stock with a target Rs 3,300 per share.
There was a strong revenue growth & margin improvement in Q2, however, FY24 demand scenario is still uncertain.
The growth was led by BFSI, 4 percent CC revenue growth QoQ & retail growth of +4.1 percent. Also, the UK/Europe business surprised positively & US remained steady.
The deal momentum was also steady, TCV was flat QoQ at USD 8.1 billion. The margin was benefitted from operational efficiencies and currency.
Credit Suisse raises FY23-FY25E EPS by 2-4 percent to a/c for better margin & currency benefits, reported CNBC-TV18. Inox Wind’s subsidiary Inox Green Energy Services sold entire equity shareholding held in Wind One Renergy, Wind Three Renergy and Wind Five Renergy, to Adani Green Energy.
All three special purpose vehicles successfully commissioned 50 MW each of SECI Tranche 1 in 2019. Inox Wind had won 250 MW under the Tranche 1 of Solar Energy Corporation of India’s (SECI -1) bids for wind power projects at Dayapar, Gujarat connected on the central grid, at a fixed tariff of Rs 3.46 per unit for 25 years for sale to PTC India.
Inox Wind was quoting at Rs 152.45, down Rs 3.50, or 2.24 percent.
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