Tata Consultancy Services Ltd (NYE: TCS) said on Monday that its profit in the fiscal fourth quarter of 2021 jumped 14.9% on the back of cloud services that saw robust demand amidst the Coronavirus pandemic in recent months.
Tata Consultancy shares tanked a little under 1% in premarket trading on Monday and lost another 1.5% later in the day. Including the price action, the stock is now exchanging hands at Â£31.53 per share versus Â£28.41 per share at the start of the year. If you want to invest in the stock market online, you will need a reliable stockbroker â€“ here is a comparison of the top few to make selection easier for you.
TCS declares 15 pence per share of a final dividend
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As TCS opens Indiaâ€™s corporate earnings season, experts predict IT firms to report upbeat quarterly results due to the COVID-19 crisis that continues to push companies from all over the world to resort to remote working. The Indian company said last month it will hire more than eight hundred employees in Ohio.
Tata Consultancy Services Ltd said its banking, financial services and insurance revenue saw a 15.5% increase year over year growth in the March quarter, marking the best performance among all of its businesses. The segment also contributed the most to TCSâ€™ consolidated revenue in Q4 that posted a 9.4% annualised increase.
The Mumbai-headquartered firm announced 15 pence per share of a final dividend on Monday, versus the year-ago figure of a much lower 5.8 pence per share.
Consolidated net profit, as per Tata Consultancy Services Ltd printed at Â£900 million in the fourth quarter. According to Refinitiv, analysts had expected a higher Â£910 million of consolidated net profit for TCS in Q4.
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TCS names Samir Seksaria as its new CFO
In separate news, the Indian multinational information technology services and consulting company named Samir Seksaria as its new CFO on Monday. Seksaria will be filling the shoes for Ramakrishnan V, who is scheduled to step down from his role later in April.
The news comes on the same day when Microsoft expressed plans of acquiring Nuance Communications Inc. for about Â£1.64 billion.
Tata Consultancy Services Ltd performed largely upbeat in the stock market last year with an annual gain of more than 30%. At the time of writing, it is valued at Â£120 billion and has a price to earnings ratio of 39.05.