TCS stock price: Following the announcement of Q4 results 2024 on Friday, the spotlight will be on Tata Consultancy Services (TCS) shares come Monday. Surpassing market estimates, the Indian IT giant disclosed a consolidated net profit of ₹12,434 crore for Q4FY24, marking a 9 percent increase from the previous year’s net profit of ₹11,392 crore in the fourth quarter of FY22-23. TCS also saw a 3.5 percent year-on-year rise in revenue from operations to ₹61,237 crore. Post the unveiling of these better-than-anticipated Q4 results for 2024, K Krithivasan, TCS’ chief executive, anticipated even stronger numbers for FY25. Given that TCS’s results were announced after the close of the Indian stock market on Friday, the reaction of TCS’s share price to these positive Q4 results is eagerly awaited on Monday.
Stock market analysts suggest that TCS’s Q4FY24 results surpassed market expectations, fueled by significant growth in its domestic operations and a notable uptick in business in the UK. Notably, the company achieved a record deal closure exceeding $13 billion in the quarter. Analysts anticipate a positive response in TCS’s share price come Monday, though they note a resistance level at ₹4,250 per share. Upon surpassing this hurdle, they foresee potential gains to ₹4,530 and ₹4,720 per share in the medium term. -TCS stock price
TCS Q4 results, 2024
Amit Goel, Co-Founder & Chief Global Strategist at Pace 360, commented on the impact of TCS’s results on its shares, stating, “TCS posted a consolidated net profit of ₹12,434 crore in the fourth quarter, marking a 9 percent increase from ₹11,392 crore a year earlier. Revenue from operations saw a modest year-on-year rise of 3.5 percent to ₹61,237 crore compared to ₹59,162 crore in the previous year. In constant currency terms, TCS achieved a revenue growth of 2.2 percent in the March quarter, driven by strong performance in the Indian market (up 38 percent) and the UK (up 6.2 percent). The company closed the fourth quarter with record deals valued at $13.2 billion, and the total contract value (TCV) for FY24 reached an all-time high of $42.7 billion.”
Anticipating a rise in TCS’s share price following the release of its results, Dhruv Mudaraddi, Research Analyst at StoxBox, commented, “The quarter marks the completion of one year under the new management, and the continuity and advantages stemming from that are poised to become evident in the upcoming quarter, further extending the operational enhancements already witnessed. With IT spending budgets finalized by the end of March, we anticipate an increase in deal acquisitions and project ramp-ups beginning in Q1FY25, thus strengthening TCS’s positive outlook.”
TCS share price target
Shiju Koothupalakkal, a Technical Research Analyst at Prabhudas Lilladher, highlighted key levels regarding TCS’s share price, noting, “TCS’s share price has shown strong improvement over the last 5 months, currently hovering around the significant 50EMA level of ₹3,975, with near-term support at approximately the 100-period MA level of ₹3,875. Maintaining crucial support near the 200-period MA level of ₹3,650 is essential; a breach below this level would weaken the trend. Conversely, on the upside, a decisive breach above the resistance zone of ₹4,250 is crucial for indicating a breakout. Subsequently, this would establish confidence for further upward movement, targeting ₹4,530 and ₹4,720 levels for the medium-term timeframe.”
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