Q1 Results in focus: TCS, HCL Tech set to announce earnings today

Two of the top Indian information technology (IT) companies Tata Consultancy Services Ltd (TCS), and HCL Technologies Ltd set to announce their first-quarter earnings for fiscal 2024 will begin today. 

Also, Anand Rathi Wealth Ltd, Steel Strips Wheels Ltd, 5Paisa Capital Ltd, Hathway Bhawani Cabletel & Datacom Ltd, and National Standard (India) Ltd are some of the non-IT companies that will also be announcing Q1 numbers today.

India's largest technology services company, Tata Consultancy Services (TCS) will announce its earnings after market hours. This will be the first results commentary shared under the new CEO K Krithivasan.

For the June quarter, TCS is expected to report a double-digit growth both in the net profit and sales for the June quarter on a YoY basis. However, the topline growth is likely to be the slowest in 12 quarters, while the bottomline is set to decline for the first time in four quarters. Constant Currency is likely to see a growth of 0.2% on a sequential basis, which is lower than the 2.2% growth it saw during the March quarter. 

Further, HCL is expected to post a 17% rise in net profit to 38.32 billion rupees ($464.0 million) for the quarter ended June 30. First-quarter revenue is estimated to have increased 14% from a year earlier to INR268.36 billion.

Source: Media reports