TCS Q4 Earnings Report Show Strong Performance, Stock Expected to Open in Green Tomorrow

The shares of Tata Consultancy Services (TCS) are expected to be in the spotlight on April 15, following the release of its fourth quarter results on Friday. The IT giant surpassed market expectations for the quarter ending on March 31, 2024.

TCS announced a consolidated net profit of ₹12,434 crore for the fourth quarter of the fiscal year 2023-24, a 9 percent increase from the previous year. Additionally, its revenue from operations rose by 3.5 percent year-on-year to ₹61,237 crore.

Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd., mentioned that TCS stock is trading between 3900 and 4025, with the potential for a breakout above 4025 to drive the stock towards 4200 and 4250. At the same time, there is a strong support level at 3900 following the positive results.

Analysts are optimistic about the future of TCS stock, with expectations of operational improvements and an uptick in deal acquisitions and project ramp-ups in the coming quarters. Dhruv Mudaraddi, a Research Analyst at StoxBox, highlighted that TCS may face a barrier at ₹4,250 per share, and surpassing this threshold could lead to further gains in the medium term.

Investors are eagerly awaiting Infosys’ upcoming results on April 18 to assess the overall recovery status of the IT sector. TCS’ strong performance in the fourth quarter, despite challenges in certain segments and regions, has positioned the company well compared to its IT peers. Overall, the positive results have set a bullish tone for TCS stock in the near future.