TCS shares up over 3% on smart Q2 earnings
Shares of IT major TCS today rose by over 3% following the company's posting 49% jump in net profit for the July-September quarter and gave an optimistic growth outlook.india Updated: Oct 22, 2012 11:58 IST
Shares of IT major TCS today rose by over 3% following the company's posting 49% jump in net profit for the July-September quarter and gave an optimistic growth outlook.
After a bullish opening, the company's stock jumped 3% to Rs 1,330 on the BSE.
At NSE, the scrip climbed 3.2% to Rs 1,331.
The stock was the top performer among the 30-Sensex blue chip scrips in the morning trade, where the BSE benchmark index was trading at 18,696.74, up 14.43 points at 1050 hrs.
"TCS reported yet another set of healthy quarterly result, outperforming the street's as well as our expectations on the revenue as well as the profit front," Angel Broking said in a report.
TCS on Friday reported 49 per cent jump in September quarter net profit at Rs 3,434 crore.
The company had posted a net profit of Rs 2,301 crore in the same quarter of the previous fiscal (2011-12).
TCS' revenues rose 34.3% to Rs 15,621 crore in the reporting quarter compared to Rs 11,633.49 crore in the year-ago period.
Even though its operating margins dipped by 0.38% to 26.7% as per the Indian GAAP, TCS chief executive and managing director N Chandrasekaran exuded confidence that it will remain around 27% for this fiscal.
Without divulging a set target, he had said the revenue will outpace the projections of 11-14 per cent given by the industry body-Nasscom in this financial year.