Technology

TCS posted numbers slightly better than expected for 3QFY2017 on the sales and EBIT front. The company reported a 0.3% sequential growth in USD revenues to US$4,387mn v/s US$4,383mn expected. On Constant Currency (CC) terms, the growth came in at 2.0%. Volume growth during the quarter came in at 1.0% qoq. On EBIT front, the company recorded an EBIT of 26.0% v/s 25.5% expected, flat qoq. Consequently, PAT came in at 6,778cr v/s 6,320cr expected, a growth of 2.9% QoQ. We maintain Buy, with a Target Price of 2,620.