Page 151 - Tcs News Today

Brokerages did not share very bullish commentary as TCS said its fourth-quarter results were weaker than it had expected

Events like the fall of SVB and fears of a contagion have impacted client sentiments in North America and the banking, financial services and insurance sector in particular, leading to clients deferring spends, the Tata Group company said. 

TCS Q4 result | The companys consolidated revenue from operations came in at Rs 59,162 crore, up 16.9 percent, from Rs 50,591 crore in the year-ago quarter. Brokerages have a mixed view on on weaker-than-expected quarter for Indias largest IT services company

TCS results suggested that the BFSI clients remain in cash preservation mode, especially after recent volatility in financial markets.

Weak trends were also witnessed in other IT counters, with Infosys, Tech Mahindra, HCL Technologies and Wipro trading lower in morning trade.

The uncertainty in its key markets of the US and Europe led Infosys to register a below-par performance for the fourth quarter of FY23.

TCS shares are trading at just 12 per cent premium over Nifty IT against 15 per cent premium that they traded at on average over the last 16 years. That premium was as high as 30-40 per cent in January-May 2020.

TCS may report a 14.5 per cent YoY rise in net profit at Rs 11,366 crore in the March quarter compared with Rs 10,846 crore in the year-ago quarter, Antique Stock Broking said.

TCS is expected to lead Tier 1 IT pack on growth, led by cost take-outs, wallet share/vendor consolidation gains and strong spending on cloud and digital programs

TCS dividend: The TCS board may consider paying a final dividend for FY23 today. The company board would recommend the dividend for the approval of the shareholders at the ensuing 28th Annual General Meeting.