TCS vs Wipro vs HCL: Which IT stock to buy after Q1 results 2023 — explained
IT stocks to buy after Q1 results 2023: After announcement of first quarter results of three Indian IT majors — Tata Consultancy Services (TCS), HCL Tec and Wipro. After announcement of Q1 results for FY24, big leap in IT stocks have been witnessed as IT stocks are among some limited shares in the Indian stock market, which are available at discounted prices.
In the week gone by, TCS share price ascended over 6.50 per cent, Wipro share price surged little over 3 per cent on Friday while HCL Tech share 3.50 per cent on Friday session. According to stock market experts, upside movement in IT stocks have come after the announcement of Q1 results of TCS, HCL Tech and Wipro.
They said that TCS has reported quarterly numbers that meets the expectations of Dalal Street. However, after rally in most of the IT stocks, positional investors looking for the bargain hunting might feel confused as to which IT stock they should buy after the announcement of Q1 results for the current financial year.
Speaking on TCS Q1 results 2023, Siddharth Bhaisora, Investment Advisor at Wright Research said, “TCS reported a promising 16.8% YoY growth in net profit and a 12.5% rise in revenue from operations, surpassing analysts' expectations. Despite a slight sequential decrease in profits and operating margins, the outlook remains optimistic.
Their robust total contract value (TCV) suggests a strong business demand and future revenue potential. While margin pressures exist, TCS's solid market position and its demonstrated ability to navigate challenging market conditions make it a viable investment." "With Wipro's recent Q1 performance, mixed growth predictions, and cautious outlook for Q2 FY24, the stock may face several short-term pressures.
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