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TCS shares gain nearly 1% after earnings announcement

NEW DELHI: Shares of Tata Consultancy Services on Tuesday gained nearly 1 per cent after the software services firm opened the fourth-quarter earnings season with a stellar set of numbers, crossing the Rs 50,000-crore revenue mark for the first time and recording 7.4 per cent year-on-year growth in net profit.
The market heavyweight stock opened the trade on a tepid note and later gained 0.73 per cent to Rs 3,723.50 on the BSE. It hit a high of Rs 3,723.50 and a low of Rs 3,650.05 so far during the trade.
At the NSE, it went up by 0.69 per cent to Rs 3,722 after a muted opening.
The country’s largest software services firm Tata Consultancy Services on Monday said it has crossed the Rs 50,000 crore revenue mark for the first time.
The company said its revenue jumped 15.8 per cent to Rs 50,591 crore in the reporting quarter on an annualised basis.
TCS closed fiscal 2022 with a bang, crossing for the first time $25 billion annual revenue of Rs 1,91,754 crore, up 16.8 per cent, driven by the highest-ever incremental revenue of $3.533 billion and an all-time high order book.
Its annual profit jumped 14.8 per cent to Rs 38,327 crore.
“TCS results are in line and marginally above expectations. This can support IT stocks even if there is some profit booking,” according to V K Vijayakumar, chief investment strategist at Geojit Financial Services.

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