TCS Shares Near One-Month High After Q4 Profit Meets Estimates
TCS' net profit rose 12.7% QoQ to Rs 12,502 crore in March quarter, against a Bloomberg estimate of Rs 12,034 crore.
Shares of Tata Consultancy Services Ltd. rose to near one-month high on Monday after its fourth-quarter profit rose sequential and in line with analysts' estimate on the back of revenue rise on record deal wins. The Indian tech giant's net profit rose 12.7% sequentially to Rs 12,502 crore in quarter ended March 2024, according to an exchange filing.
Bloomberg's poll of analysts had forecast a net profit of Rs 12,034 crore.
TCS Q4 Results Highlights (Consolidated, QoQ)
Revenue up 1.1% at Rs 61,237 crore (Bloomberg estimate: Rs 61,451.3 crore).
Ebit increased 5% to Rs 15,918 crore (Bloomberg estimate: Rs 15,548 crore).
Margin expanded 97 basis points to 25.99% (Bloomberg estimate: 25.3%).
Net profit rose 12.7% Rs 12,502 crore (Bloomberg estimate: Rs 12,034 crore).
Board approved final dividend of Rs 28 per share for FY24.
Shares of the company rose as much as 1.57% to Rs 4,064.24 apiece, the highest level since March 18. It was trading 0.49% higher at Rs 4,021 apiece as of 09:34 a.m. This compares to a 1.01% decline in the NSE Nifty 50 Index.
The stock has risen 28.05% in 12 months. Total traded volume so far in the day stood at 0.39 times its 30-day average. The relative strength index was at 53.14.
Out of 45 analysts tracking the company, 26 maintain a 'buy' rating, nine recommend a 'hold', and 10 suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.3%.
