For 2QFY2018, TCS posted above expectation results on the EBIT and net profit fronts. The company posted 3.2% sequential growth in USD revenues to US$4,739mn v/s. US$4,738mn expected, mostly driven by volume (3.2% qoq growth). In Constant Currency (CC) terms, the company posted a 1.7% qoq growth. EBIT margins came in at 25.1% v/s. 24.1% expected, posting a qoq expansion of 171bps. Consequently, PAT came in at `6,460cr v/s. `6,314cr expected, growing 8.6% qoq. We maintain our Neutral rating.

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