Tata Consultancy Services (TCS), the Indian IT major, reported its Q4 FY24 results on Friday, surpassing market expectations and suggesting a positive reaction for its shares when the market reopens on Monday, April 15. The company reported a consolidated net profit of ₹12,434 crore, a 9% increase from the ₹11,392 crore recorded in the fourth quarter of the previous financial year.
Revenue from operations also increased, showing a 3.5% year-on-year rise to ₹61,237 crore. TCS’s performance was driven by strong growth in its domestic business, which saw a 38% increase, while its business in the UK grew by 6.2%. The company also reported record deal closures worth over $13 billion in the quarter, with an FY24 total contract value (TCV) reaching an all-time high of $42.7 billion.
Experts note that TCS’s Q4 FY24 results demonstrate resilience and growth in key areas, particularly in domestic and UK markets. TCS’s Chief Executive K Krithivasan has also forecasted even better performance in FY25.
The stock market is expected to react positively to the announcement, and experts anticipate an increase in TCS share prices on Monday. However, they caution that TCS’s share price may face resistance around the ₹4,250 per share level. If this resistance is overcome, the stock could rise to ₹4,530 and ₹4,720 per share in the medium term.
TCS’s robust results and positive outlook reflect the company’s ability to navigate challenging market conditions and its strong position in the global IT services industry. As a result, the company’s shares are likely to attract significant investor interest in the coming days.
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