TCS posted a 1.0% sequential growth in USD revenues to US$4,787mn v/s US$4,801mn expected. In rupee terms, revenues came in at `30,904cr V/s `31,049cr, up 1.2% QoQ. In Constant Currency (CC) terms, the company posted a 1.3% QoQ growth with volume growth coming in at 1.6% QoQ (highest growth in three years for the December quarter). On profitability front, EBIT margin showed an upside of ~12bps QoQ to 25.2%. Consequently, PAT came in at 6,531cr v/s `6,509cr expected, up of 1.3% QoQ. We maintain our Reduce rating on the stock, with a price target of `2,493.

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