TCS Shares Gain After Q1 Profit Beats Analysts' Estimates
The company's Q1 net profit declined 2.79% sequentially to Rs 11,074 crore, but beat analysts' estimates of Rs 10,982 crore.
Shares of Tata Consultancy Services Ltd. rose the most in nearly two weeks on Thursday after its first-quarter profit beat analysts' estimates.
The company's net profit declined 2.79% sequentially to Rs 11,074 crore in the quarter ended June, according to an exchange filing, but beat analysts' estimates of Rs 10,982 crore.
TCS Q1 FY24 (Consolidated, quarter-on-quarter)
Revenue up 0.37% at Rs 59,381 crore. (Bloomberg estimate: Rs 59,862 crore).
Ebit at Rs 13,755 crore. (Bloomberg estimate: Rs 14,048 crore).
Margin stood at 23.16% versus 24.48%. (Bloomberg estimate: 23.7%).
Net Profit down 2.79% at Rs 11,074 crore. (Bloomberg estimate: Rs 10,982 crore).
TCS has declared an interim dividend of Rs 9 per share.
Revenue rose 7% year-on-year in constant currency terms.
Shares of Tata Consultancy Services rose 2.70% to Rs 3,347.9 apiece, compared to a 0.92% advance in the Nifty 50 as of 10:11 a.m. The stock rose as much as 2.73% intraday, the most in nearly two weeks, since June 30. It has risen nearly 2.90% year-to-date.
Total traded volume stood at 3.3 times its 30-day average. The relative strength index was at 61.
Of the 49 analysts tracking the company, 25 maintain a 'buy' rating, 13 recommend a 'hold', and 11 suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 4.8%.
