Religare Institutional Research has maintained 'Buy' on Tata Consultancy Services (TCS) with target price of Rs 2,450 in its report.

Commenting on the investment rationale, the stock broker said, "TCS reported a soft Q4 with 1.9% QoQ USD growth in revenues driven by 2.6% volume growth. International revenues were up 2% QoQ led by continental Europe even as India was flattish. EBIT margins contracted 60bps QoQ to 29.1%, slightly below estimate.

The company continues to indicate healthy demand, with FY15 likely to be better than FY14.

While Q4 proved to be a disappointing quarter for TCS, we expect it to deliver industry-leading growth in FY15, which would support its premium valuations."

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