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TCS Analyst Meet.

May 8, 2007

Here are the excerpts from TCS Analysts Meet. No slowdown in BFSI; Robust demand environment. TCS management reiterated its view on the pricing uptick being on track – new clients are coming at 5-10% higher price point. TCS indicated that deal flow remains strong and lot of smaller deals (US$20-50 mn) were being awarded by existing clients.

TCS is expected to report an EPS of Rs 53, Rs 63 and Rs 74 for FY08, FY09 and FY10 respectively. With dollar under severe pressure from Indian Rupee, we maintain a BUY target on TCS but with a lower price target of Rs 1550. 21% upside from current levels.

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