Tata Consultancy Services Ltd

TCS: XNSE (IND)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	INR 3,555.00	Swtkd	Jwksphgqy

Tata Consultancy Services Earnings: Spending Weakness Keeps Demand for Tata's Solutions Tepid

Malik Ahmed Khan

Jan 11, 2024

We maintain our INR 2,960 fair value estimate for wide-moat Tata Consulting Services after the firm closed out a muted third quarter with weak customer demand for its solutions amid macroeconomic uncertainty. While we continue to view Tata as a leader in the IT services space with a strong economic moat, we view its shares as being moderately overvalued.

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