As TCS announced it Q1FY25 Results, brokerages have come with their views on the IT giant and share price target.
The country’s largest IT services player TCS on Thursday reported an 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore, but sounded unsure about sustaining growth momentum in the remainder of the fiscal.
The Tata Group company, however, reiterated that it feels FY25 will be better than the previous fiscal year for the business.
TCS, the first among the IT majors to report its earnings for the April-June period, posted revenue growth of 5.4 per cent to Rs 62,613 crore for the quarter, and chief executive and managing director K Krithivasan said that the company is happy with the all-round growth.
TCS Share Price Today
TCS shares in Friday’s trade (July 12) gained nearly 3 per cent at day’s high to Rs 4033.45 after the IT major’s Q1FY25 revenue and margin came in better than the Street estimates. Revenue at the company surged 2.2 per cent over the previous three months to Rs 62,613 crore for the first quarter of the current financial year.
The software exporter’s consolidated net profit during the reporting quarter declined 3.2 per cent sequentially to Rs 12,040 crore but was in line with estimates.
TCS Share Price Target
Brokerage Jefferies has double-upgraded the stock to buy from hold with the target raised to Rs 4,615 from Rs 4,030. The brokerage held that the software exporter’s earnings came in better than estimates.
JP Morgan maintains an ‘overweight’ rating with the target raised to Rs 4,600. The brokerage said rising momentum considering sluggish demand is a cause for minor joy.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)