Tata Consultancy Services shares surge on better-than-expected quarterly earnings

Jul 18 2014, 15:49 IST
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TCS beats Street estimates reporting a profit of Rs 5,058 crore in the three months to June. TCS beats Street estimates reporting a profit of Rs 5,058 crore in the three months to June.
SummaryTata Consultancy Services' announced sequential dollar revenue growth of 5.5 pct in April-June.

Shares of Tata Consultancy Services (TCS) today surged over 4 per cent after the country's largest software exporter posted a better-than-expected earnings in the June quarter.

After making a strong opening, shares of the IT major further rose by 4.4 per cent to Rs 2,486 on the BSE.

On the NSE, it gained 4.32 per cent to Rs 2,485.

The IT giant, which is also the country's most valued firm in terms of market valuation, was the top gainer on both Sensex and Nifty.

"TCS announced better-than-expected results for Q1 FY2015," said Sarabjit Kour Nangra, VP Research - IT, Angel Broking.

TCS had yesterday posted a 45 per cent jump in June quarter net profit at Rs 5,568 crore, helped by a broad-based revenue growth and one-time impact from a change in depreciation computation.

The city-headquartered company had posted a net profit of Rs 3,840 crore under the IGAAP system of accounting for the corresponding period last year.

"It has been a very well rounded, broad-based growth across the board," TCS Chief Executive and Managing Director N Chandrasekaran said.

On the outlook front, he had said the scenario is panning out as per its expectation and added that he maintains the performance in the current fiscal will be better than FY2013-14.

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