Motilal Oswal's research report on TCS
TCS on 16th Mar’23 announced the resignation of its Managing Director and CEO, Mr. Rajesh Gopinathan, effective 15th Sep’23. The board has nominated its President and BFSI business group head, Mr. K. Krithivasan (Krithi), as the CEO Designate from 16th Mar’23, and he will take over as MD and CEO in FY24 after shareholder approval. As per the company, Mr. Gopinathan is stepping down after 10 years as CXO (CFO followed by CEO) to pursue new interests.
Outlook
We expect a USD revenue CAGR of ~11% and an INR EPS CAGR of ~16% over FY23-25. Our TP of INR3,810 implies 24x FY25E EPS, with a 20% upside potential. We have a BUY rating on the stock and would recommend adding to the name on any near-term weakness due to this news.
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