“TCS revenues came in line with estimates. While volume growth was relatively subdued at 1.25%, average realization surprised with a growth of about 1.3%. The margin performance was better than what we had estimated it to be. The volume growth was subdued due to furloughs even from sectors like BFSI. However, we expect growth rates to pick up, going ahead. The company has indicated confidence in 4Q and FY14 on the back of strong traction and continuing demand.”
Dipen Shah, Head of Private Client Group Research, Kotak Securities
Dipen Shah, Head of Private Client Group Research, Kotak Securities
