Tata Consultancy Services Ltd (TCS) reported a net profit of ₹11,342 crore in the September quarter, registering a growth of 8.7 per cent, compared to ₹10,431 crore in the corresponding period last year. Sequentially, the consolidated net profit was up 2.4 per cent as the IT major reported a profit of ₹11,074 crore in the preceding June quarter.
Analysts said that while revenues missed their estimates the improved operating performance led to the beat in net profits
Jefferies India
Commenting on Q2FY24 performance analysts at Jefferies India Pvt Ltd said that there is no recovery in sight and hence they maintain Hold ratings with revised price target of ₹3,690. The Jefferies analysts said that TCS’s 2Q revenues were disappointing, however profits beat estimates due to higher-than-expected margins.
Emkay Global financial Services
Emkay Global financial Services also maintain a hold rating on TCS with a Price target of Rs3,550 a share as per them TCS’s Q2 operating performance was a mixed bag, with a miss on revenue and a beat on EBIT margin expectations.
Motilal Oswal Financial Services
Motilal Oswal, Financial Services however maintained a positive stance on TCS with a target price of ₹4,060. They said that given its size, order book and exposure to long-duration orders and portfolio, TCS is well positioned to withstand the weakening macro environment and ride on the anticipated industry growth.
In addition
As per CNBC TV 18, Goldman Sachs have a Buy call on TCS with price target if ₹4020
HSBC also has given HOLD call on TCS with target at ₹4020 as per CNBC TV 18
Morgan Stanley has given equal weight rating on TCS with price target at RS 3590, as per CNBC TV 18
Nomura has given a reduce call with price target of ₹3030 as per CNBC TV 18