MOSL: Morning India (13/October/17): 1. EcoScope 2. TCS 3. IndusInd Bank 4. Ajanta Pharma 5. Cyient 6. Strategy 7. Bharti Airtel 8. Healthcare
​MOrning India (13/October/17): 1. EcoScope; 2. TCS; 3. IndusInd Bank; 4. Ajanta Pharma; 5. Cyient; 6. Strategy; 7. Bharti Airtel; 8. Healthcare
Today’s top research idea
- TCS (Turbulence behind; Clear skies ahead)
- TCS' 1.7% QoQ CC revenue growth (estimate of 2.2%) was marginally below our estimate, led by 150bp QoQ realization drop (fell for the second consecutive quarter). YoY CC growth remains at 6.9%. BFSI (4.7% YoY CC), Retail (-1.7% YoY CC) and US (3.6% YoY CC) continue to remain weak.
- EBIT margin expansion of 170bp QoQ to 25.1% was a positive surprise (estimate of 80bp expansion). The expansion in margins was contributed by favorable currency movement and overall improvement in operational efficiencies and cost rationalization.
- The management cited trends such as second digital wave in BFS and offline retailers' return to the battlefield as potential positives, even though it remains uncertain when these may culminate into accelerated growth.
Piping hot news
Airtel to buy Tata’s consumer mobile business in a debt-free, cash-free deal
- ​Tata Sons Ltd will sell its consumer mobile business to India’s largest telecom operator Bharti Airtel Ltd virtually for free, as part of the group chairman’s strategy to exit businesses which have been a prolonged drag and have little visibility of future profits…
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