TCS share price: Q4 results 2024 beat market estimates. Is this a share to buy on Monday — April 15?

According to stock market experts, TCS results for Q4FY24 beat the market estimates as the Indian IT giant recorded a big jump in its domestic business. The company managed to register business growth in the UK as well. They said that the Indian IT major has managed to report a record deal closure to the tune of over $13 billion in the recently ended quarter. Experts expected an uptick in TCS share price on Monday. However, they maintained that TCS share price is facing a hurdle at ₹4,250 apiece level. On breaching this level, TCS share price is expected to go up to ₹4,530 and ₹4,720 per share level in the medium-term perspective.

TCS Q4 results 2024

On how TCS results will impact TCS shares, Amit Goel, Co-Founder & Chief Global Strategist at Pace 360 said, “TCS reported a consolidated net profit of ₹12,434 crore in the fourth quarter on Friday. This figure reflects a 9 percent increase from ₹11,392 crore recorded a year ago. Revenue from operations saw a marginal 3.5 percent year-on-year (YoY) increase to ₹61,237 crore compared to ₹59,162 crore the previous year. In constant currency terms, TCS recorded a revenue growth of 2.2 percent in the March quarter. This growth was driven by the Indian business (up 38 percent), followed by the UK (6.2 percent). The software major closed the fourth quarter with record deals worth $13.2 billion, and the FY24 order book TCV (total contract value) reached an all-time high of $42.7 billion.”

Expecting an uptick in TCS share price after TCS results, Dhruv Mudaraddi, Research Analyst at StoxBox said, “The quarter completes one year for the new management and the continuity and benefits from that are now bound to show in the coming quarter extending the operational improvements that we have already seen. Since the IT spending budgets have been finalized by the end of March, we expect an uptick in deal acquisitions and project ramp-ups commencing in Q1FY25, thus reinforcing TCS’s optimistic outlook.”

TCS share price target

Highlighting the important levels regarding TCS share price, Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher said, “TCS share price has picked up well in the last 5 months with currently hovering near the significant 50EMA level of ₹3,975 zone and has near-term support at around the 100 period MA level of ₹3,875. The crucial support would be maintained near the 200 period MA of ₹3,650 level below which the trend shall turn weak. At the same time, on the upside, a decisive breach above the resistance zone of ₹4,250 level is necessary to indicate a breakout and thereafter, establish a conviction for further rise having targets of ₹4,530 and ₹4,720 levels for the medium term time frame.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 13 Apr 2024, 10:17 AM IST