TCS Q1FY24 results mixed: Brokerages highlight these concerns
1 year, 8 months ago

TCS Q1FY24 results mixed: Brokerages highlight these concerns

Live Mint  

The largest provider of information technology services, BSE-S0003051" data-name="Tata Consultancy Services">Tata Consultancy Services Ltd., experienced its weakest fiscal year start since becoming public in 2004. Prior to Q1FY24, Mint noted that TCS's worst growth at the beginning of the fiscal year occurred in the first quarter of 2008, when the global financial crisis caused bank instability and ultimately harmed IT services companies like TCS, which increased its sequential revenue by 0.5%. On Wednesday, IT major announced a consolidated net profit of ₹11,074 crore for the first quarter of the current fiscal year that ended in June, representing an increase of 16.84% on a year-over-year basis.In the same period last year, the company generated a profit of ₹9, 478 crore. Nuvama Institutional Equities The company reported decent Q1FY24 results, with revenue of USD 7226 million and constant currency growth that was flat on a quarter over quarter basis, according to the brokerage. In its analysis, the brokerage said that Q1 results were largely in line with expectations, with constant currency revenue remaining flat quarter over quarter.

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