For 4QFY2017, TCS posted revenue of US$4,452mn v/s US$4,470mn expected, with
1.5% qoq growth mostly volume led, which was 1.7% qoq. Revenue in Constant Currency
(CC) terms came in at 1.0% qoq. In Rupee terms, revenues de-grew by 0.3% qoq to
Rs29,642cr v/s Rs29,996cr expected, led by Rupee appreciation. On the operating front,
EBIT came in at 25.7% v/s 26.0% expected, a 28bps qoq dip. PAT came in at Rs6,608cr v/s
Rs6,855cr expected, down 2.5% sequentially. We maintain our buy rating with target price
of Rs2,651.

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