TCS Stock Surges 5% On Q1 Earnings; IT Index At All-time High
The ten stocks IT index also soars 4.55 per cent to 39,040 levels to its all-time high led by more than 6 per cent gains in Corforge and Mphasis
Stocks of Tata Consultancy Services (TCS) rose nearly 6 per cent in the Friday trading session after the tech firm reported a 9 per cent year-on-year (YoY) increase in net profit to Rs 12,040 crore, up from Rs 11,042 crore in the same period last year.
TCS stocks traded at Rs 4,146 with 5.74 per cent gain in the afternoon session on the National Stock Exchange (NSE).
The ten stocks IT index also soared 4.55 per cent to 39,040 levels to its all-time high led by more than 6 per cent gains in Corforge and Mphasis.
The company also declared a dividend of Rs 10 per share, underscoring its commitment to returning value to shareholders.
Revenue from operations saw an uptick, rising by 5.4 per cent to Rs 62,613 crore compared to Rs 59,386 crore in the first quarter of the previous fiscal year.
The company's revenue rose by 3.5 per cent to Rs 61,237 crore in the three months ending March 31, 2024. For the entire fiscal year 2023-24, revenue grew by 6.8 per cent to Rs 2,40,893 crore.
K Krithivasan, CEO and Managing Director of TCS, highlighted the company's strategic initiatives in emerging technologies and innovation. This includes establishing new capabilities such as an AI-focused TCS PacePort in France and expanding delivery centres across Latin America, Canada, and Europe.
TCS added 5,452 new employees between April and June 2024, reflecting its ongoing commitment to talent acquisition and expansion.
Additionally, TCS achieved an all-time high quarterly deal win of USD 13.2 billion and a full-year deal wins of USD 42.7 billion.
