We had recommended TCS in volume no.33 issue no. 19 (dated February 27, 2017), when the scrip was trading at Rs 2,481. Our recommendation was on the back of positive impact of its share buyback offer. In FY17, the company has shown growth of 8.6 percent in revenues and 7.5 percent growth in net profit. It paid final dividend of Rs 27.5 per equity share to its shareholders for FY17. Digital segment is expected to grow due to opportunities in cloud automation and analytics. Its EBITDA margins might be under pressures due to visa issues and rupee appreciation. But management is positive about the performance in upcoming quarters. So, we recommend our investors to HOLD the scrip.