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Apr 24, 2012, 10.04 AM | Source: Moneycontrol.com

TCS jumps 9% on strong Q4 results, upbeat outlook

Shares of India's top software services exporter Tata Consultancy Services surged over 9% on Tuesday after the company reported 23% year-on-year rise in fourth quarter consolidated net profit, in-line with market expectations, and gave a comparatively optimistic view of the year ahead.

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TCS jumps 9% on strong Q4 results, upbeat outlook

Shares of India's top software services exporter Tata Consultancy Services surged over 9% on Tuesday after the company reported 23% year-on-year rise in fourth quarter consolidated net profit, in-line with market expectations, and gave a comparatively optimistic view of the year ahead.

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Moneycontrol Bureau

Shares of India's top software services exporter Tata Consultancy Services surged over 9% on Tuesday after the company reported 23% year-on-year rise in fourth quarter consolidated net profit, in-line with market expectations, and gave a comparatively optimistic view of the year ahead.

It had reported a consolidated net profit of Rs 2,932.4 crore, while total income rose 30.5% year-on-year to Rs 13,259.3 crore in Jan-March.

"The NASSCOM guidance is of 11-14%. That's a holistic view that they provide. But we always measure ourselves where we can perform better than the industry average. Where we are today, we feel confident that we will do better than that," said TCS CEO and MD N Chandrasekaran.

TCS doesn't provide a specific guidance like its rival Infosys . But Chandrasekaran said he was feeling much better going into Q1 than what he felt going into Q4.

Also Read: Confident of beating NASSCOM's FY13 guidance of 11-14%: TCS

This is in sharp contrast of Bangalore-based Infosys' guidance of a much-lower-than-expected 8-10% US dollar revenue growth in the current fiscal year.

"Post the earnings we turn incrementally positive on TCS in view of its confident stance on the business outlook and currency and utilization tailwinds which will ensure sustained profitability in FY13. We maintain TCS as our top pick among tier-I IT space and expect it to maintain its outperformance over peers in the near term," said Rahul Jain and Praveen Kumar of Dolat Capital.

At 9:45 hrs, TCS shares were up 8% at Rs 1,.149.75 on NSE.

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