"ICICI Direct Research on TCS Q4FY21 results:
Tata Consultancy Services’ (TCS) results were below our estimates. While revenues were in line with our estimates, EBITDA & PAT were below our estimates mainly due to lower than expected gross margins. In terms of revenue growth across geographies (in CC terms), North America grew 3.9% QoQ, UK & Continental revenues increased 3.4% QoQ & 8.5% QoQ. In terms of verticals, revenue growth was led by Manufacturing (up 3.9% QoQ), BFSI (up 7% QoQ), Life Sciences and healthcare (up 3.8% QQ), Communication & Media (up 1.8% QoQ), Technology & Services (up 2.8% QoQ) and Retail & CPG (up 4.0% QoQ). "

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