Motilal Oswal - MOSL: Morning India (20/April/18): 1. Metals; 2. Ashok Leyland; 3. Aviation Monthly; 4. 4QFY18 RESULTS UPDATE: (a. TCS; b. IndusInd Bank; c. ACC; d. Cyient) 5. Mahindra CIE - Flash

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Motilal Oswal

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MOSL: Morning India (20/April/18): 1. Metals; 2. Ashok Leyland; 3. Aviation Monthly; 4. 4QFY18 RESULTS UPDATE: (a. TCS; b. IndusInd Bank; c. ACC; d. Cyient) 5. Mahindra CIE - Flash

MOrning India (20/April/18): 1. Metals; 2. Ashok Leyland; 3. Aviation Monthly; 4. 4QFY18 RESULTS UPDATE: (a. TCS; b. IndusInd Bank; c. ACC; d. Cyient) 5. Mahindra CIE - Flash

Today’s top research idea

TCS – In-line quarter; Green shoots in North America BFS; Margin execution is imperative for an upside

TCS’ 4Q revenue of USD4,972m grew 12% YoY (est. of 11%) and 7.2% CC (in-line). EBITDA of INR86.5b grew 6% YoY (in-line), while PAT of INR69b rose 6% YoY (est. of +5%). USD revenue growth of 3.9% QoQ was ahead of our estimate due to better cross-currency tailwind (190bp).
While CC revenue was in line, BFSI (0.4% QoQ CC) and Retail (0.8% QoQ CC) were tepid; we expected deals to drive momentum here. However, TCS cited that, despite the blip in Retail, it should grow in double-digits in FY19.
More importantly, it expects the business from large banks in North America to have bottomed out and spending to pick up, going forward. That said, it would wait for another quarter before committing to its outlook of a turnaround.

Piping hot news

NCLT puts ArcelorMittal, Numetal back in the race for Essar Steel

The fight for control of bankrupt Essar Steel Ltd took an unexpected turn with the Ahmedabad bench of the insolvency court setting aside the resolution professional’s decision to disqualify Numetal Mauritius and ArcelorMittal from the first round of bidding.

20/04/2018 32 EN

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MOSL: Morning India (20/April/18): 1. Metals; 2. Ashok Leyland; 3. Aviation Monthly; 4. 4QFY18 RESULTS UPDATE: (a. TCS; b. IndusInd Bank; c. ACC; d. Cyient) 5. Mahindra CIE - Flash

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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