Shares of TCS drop 1.20% as Q3 results come out

The shares of Tata Consultancy Services on Tuesday declined 1.20 per cent to Rs 3,280 apiece at 2.30 pm, on BSE. The software giant had announced its corporate earnings on Monday.

In a span of five days, the shares of the company declined 0.69 per cent while it dipped 0.20 per cent in a span of 30 days. Though the revenue of the firm was more than what Street expected, its profit dropped below expectations the results have shown.

Tata Consultancy Services (TCS) on Monday reported 10.98 per cent surge in its consolidated net profit to Rs 10,883 crore for the quarter ended December 2022 (Q3FY23). The company had posted a profit of Rs 9,806 crore in the year-ago period.

TCS reported a 19.1 per cent year-on-year growth in its revenue for the quarter ended December 2022. The software giant said net income grew 11 per cent to Rs 10,846 crore during the December quarter whereas its net margin was at 18.6 per cent, according to a statement released on Monday.

Brokerage firm HDFC Securities has recommended potential investors to 'add' its shares to the investment portfolio.

The TCS shares are currently trading at Rs 3,265, and the brokerage firm pegged a target price of Rs 3,560, which essentially means an upside potential of about 10 per cent.

( With inputs from ANI )