Earnings numbers help TCS shares gain around 1% on stock exchanges

Earnings numbers help TCS shares gain around 1% on stock exchanges

TCS shares gained about 1 percent on stock exchanges today

New Delhi:

Shares of Tata Consultancy Services gained nearly 1 percent on Tuesday after the software service company opened its fourth-quarter profit season with a stellar set of figures, crossing the Rs 50,000-crore revenue mark for the first time and recording 7.4 percent year-on-year growth in net profit.

The market heavyweight stock opened the trade on a lukewarm note and later gained 0.73 per cent to Rs 3,723.50 on the BSE. It reached a high of Rs 3,723.50 and a low of Rs 3,650.05 so far during trading.

At the NSE, it rose 0.69 percent to Rs 3,722 after a muted opening.

Tata Consultancy Services, the country’s largest software services company, said on Monday that it had exceeded the Rs 50,000 crore revenue mark for the first time.

The company said its revenue jumped 15.8 percent to Rs 50,591 crore in the reporting quarter on an annual basis.

TCS closes fiscal 2022 with a bang, crossing for the first time $ 25 billion in annual revenue of Rs 1,91,754, up 16.8 percent, driven by the highest ever incremental revenue of $ 3.533 billion and an order book of all time.

Its annual profit jumped 14.8 percent to Rs 38,327 crore.

“TCS results are in line with and marginally above expectations. This could support IT stocks, even if there is some profit posting,” according to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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