Q3 result preview: Here's what brokerages expect in TCS' Oct-Dec numbers

Some key things to watch out for are the firm's outlook on client budgets and spends for 2020, outlook on a challenged US/Europe capital market/banking segment and select retail performance

Information technology (IT) bellwether Tata Consultancy Services (TCS) is likely to have put up a muted show in the third quarter of the 2019-20 financial year (Q3 FY20), the financial result for which it will announce on Friday. The company witnessed higher furloughs during the December quarter than in the corresponding quarter of FY19, especially in the Banking and Financial Services (BFS) vertical. Apart from a weakness in the capital markets segment and certain large banks in the US and Europe, fundamentals may have been sluggish in the retail vertical as well, say analysts.

HDFC Securities expects TCS' Q3 revenue to