TCS Q1FY24 results mixed: Brokerages highlight these concerns
BSE-S0003051" data-name="Tata Consultancy Services">Tata Consultancy Services (TCS) Ltd., experienced its weakest fiscal year start since becoming public in 2004. Prior to Q1FY24, Mint noted that TCS's worst growth at the beginning of the fiscal year occurred in the first quarter of 2008, when the global financial crisis caused bank instability and ultimately harmed IT services companies like TCS, which increased its sequential revenue by 0.5%. On Thursday's trading session, TCS share price opened at ₹3,276 apiece on BSE. On Wednesday, IT major announced a consolidated net profit (attributable to the company's shareholders) of ₹11,074 crore for the first quarter of the current fiscal year that ended in June (Q1FY24), representing an increase of 16.84% on a year-over-year basis.In the same period last year, the company generated a profit of ₹9, 478 crore.
The consolidated net profit dropped 2.8% sequentially. The IT company's consolidated revenue from operations stood at ₹59,381 crores during the quarter ended June from ₹52,758 crore in Q1FY23. Sequentially, up 0.4% from ₹59,162 crore in Q4FY23.
Operating margin for the company dropped by 130 basis points, from 24.5% in Q4 FY23 to 23.2% in Q1 FY24. It only went up 0.1% on year-over-year basis. Chief Executive C.
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