Tata Consultancy Services shares trade higher ahead of Q1 results
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Shares of Tata Consultancy Services (TCS) were trading in green in the morning trade on Thursday ahead of its earnings for the first quarter ended June 30, 2016.
At 10.10 am, TCS was trading 0.35 per cent up at Rs 2,500. The scrip opened at Rs 2488.50 and has touched a high and low of Rs 2,512 and Rs 2472.05, respectively, in trade so far.
Angel Broking expects the company to post 3.2 per cent sequential growth in dollar revenues to $4,375mn, mostly volume lead. In rupee terms, revenues are expected to come in at Rs 29,362 crore, up 3.2 per cent qoq. EBITDA margin is expected to show decline of 95 basis points qoq to end at 26.5 per cent. Consequently, PAT is expected to be at Rs 6,151 crore, a de-growth of 3 per cent qoq. The brokerage house has ‘Buy’ on TCS shares with a target price of Rs 3,004.
For the quarter ended March 31, 2016, TCS reported a consolidated bottomline of Rs 6,413.12 crore, up 5.42 per cent against Rs 6,083.39 crore in sequential quarter ended December 31, 2015. Gross sales of the company grew 3.96 per cent quarter-on-quarter to Rs 28,448.61 crore.
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