IT stocks rallied on Friday, following the release of Tata Consultancy Services Ltd.'s financial results for the third quarter, which were announced on Thursday. The stocks were all trading positively, led by the tech giant, which was trading nearly 6% up.
Shares of LTIMindtree Ltd., Tech Mahindra Ltd., Wipro Ltd., and Persistent Systems Ltd. also contributed to gains, with the IT index being the only sectoral index trading positively, as of 11:50 a.m.
TCS Q3 Financial Performance
For the quarter ending Dec. 31, 2024, TCS reported a 4.1% sequential increase in net profit, reaching Rs 12,444 crore. This figure closely aligned with the consensus estimate of Rs 12,537 crore, as was forecast by Bloomberg analysts.
The company's revenue from operations declined slightly by 0.4%, compared to the previous quarter, totaling Rs 63,973 crore. This result was below the consensus estimate of Rs 64,749 crore, as per Bloomberg analysts.
TCS Q3 FY25 Results Key Highlights
Revenue at Rs 63,973 crore, down 0.4% (Estimate: Rs 64,749 crore).
Ebit increased by 1% to Rs 15,657 crore, compared to Rs 15,465 crore (Estimate: Rs 15,986 crore).
Margin expanded to 24.5% from 24.1%.
Net profit rose 4% to Rs 12,444 crore (Estimate: Rs 12,537 crore).
Nifty IT Stocks Performance Today
Shares of TCS were leading the Nifty IT advance, trading 5.80% up at Rs 4,273 as of 11:41 a.m. A close second was LTIMindtree Ltd., trading 4.99% higher at Rs 6,126.70, followed by shares of Tech Mahindra Ltd., which were up 3.52% up at Rs 1,700.05 apiece.
Wipro Ltd. and Persistent Systems Ltd. also marked gains of 3.22% and 2.80% each, and the Nifty IT was trading 3.33% higher, as compared to a 0.05% decline in the benchmark NSE Nifty 50.
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