Q1 Results: TCS, HCL Technologies, 5Paisa Capital, Anand Rathi, others to announce earnings today
Tata Consultancy Services Ltd (TCS), and HCL Technologies Ltd. Anand Rathi Wealth Ltd, Steel Strips Wheels Ltd, 5Paisa Capital Ltd, Hathway Bhawani Cabletel & Datacom Ltd, and National Standard (India) Ltd are some of the non-IT companies that will also be releasing their results. The earnings of Indian IT services companies are probably going to be impacted by the worsening global economics and wage increases.
Overall, Q1FY24 is likely to have seen a large decline in discretionary spending due to the sustained weakening in demand. Analysts predict that Tier-I companies' revenue growth would vary from -2.5% to +0.9% quarter-on-quarter (QoQ) in constant currency (CC). A larger range of -1.2% to +3.3% QoQ in CC terms is predicted for Tier-II players' revenue.
According to projections from Bloomberg, Anand Rathi is expected to announce first-quarter revenue of ₹145.8 crore and a net profit of ₹46.5 crore. Steel Strips is also anticipated to report revenues of Rs. 1,040.5 crore and a net profit of Rs.
54.8 crore. Emkay Global Financial Services predicts that TCS's first quarter of FY24 net profit will decline 2% sequentially to 11,167.7 crore, while net sales will increase 1.3% to 59,911.8 crore. It factors in 1.3% QoQ USD revenue increase factoring TCS's 30 basis points of cross-currency tailwinds.
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