TCS Q3 results are out! Here is why you should retain tech titan's stocks to become rich fast - Expert advice
Results were parallel to the estimated figures according to experts. On Thursday, prior to result announcement, the stock closed flat at Rs 1,888.55, down by 1.60 points or 0.08% on NSE. While 1,888.15, up by 0.35 or 0.02% on BSE.
TCS results: Tata Consultancy Services (TCS) posted its Q3 results for the financial year 2019 on Thursday. Results were parallel to the estimated figures according to experts. On Thursday, prior to result announcement, the stock closed flat at Rs 1,888.55, down by 1.60 points or 0.08% on NSE. While 1,888.15, up by 0.35 or 0.02% on BSE.
Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal told Zee Business Online "Fresh buying at this level is suggested as the stock likely to stabilise post results."
The IT giant recorded a net profit of Rs 8,105 crore which was higher by 24.10% compared to the profit of Rs 6,531 crore witnessed in the same period a year ago. Q3FY19 was gradually up by 2.44% as against net profit of Rs 7,927 crore of Q2FY19. Meanwhile, TCS' revenue came in at Rs 37,338 crore during the quarter, rising by 20.81% from Rs 30,904 crore in Q3FY18 and also up by 1.31% from Rs 36,584 crore in Q2FY19. A Bloomberg poll of analysts had predicted TCS revenue and net profit to come in at Rs 37,914 crore and Rs 8,190 crore respectively in Q3FY19.
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Rajesh Gopinathan, Chief Executive Officer and Managing Director, said, "We are wrapping up 2018 with strong revenue growth of 12.1% in the December quarter, which is the highest in 14 quarters, with continued growth acceleration in key verticals and across all geographies. The strong client metrics, industry-leading growth in digital services, a very strong order book and deal pipeline are all validations that customers recognize our differentiated capabilities and are picking us for their growth and transformation programs."
"Short term targets for the stock can be kept at Rs 1,950, while a long term target of Rs 2,030 is expected after results. However, Rs 1,840 will act as immediate support in case of correction trend." Taparia added.
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"On a secular basis, as large segments of the economy go through churn driven by digital disruption, enterprises are responding with technology-powered strategies - as in algorithmic retailing or connected cars - creating a huge opportunity for services providers like us," Gopinathan mentioned.
"Overall, charts look good technically, opening on Friday, will be watchful. However, investors can remain hold for better returns," Taparia mentioned.