The quarterly earnings season has kickstarted with largecap IT companies TCS, HCL Tech and Wipro declaring their results.
TCS was the first one which beat street estimates on most fronts and surpassed expectations. The company’s net profit crossed ₹100 bn mark for the first time.
In financial year 2012, TCS made a net profit of ₹105 bn. At present, TCS is reporting ₹100 bn in profits in a single quarter!
For HCL Tech too, the results were above estimates and the company saw an improvement in margins.
Wipro’s results were not so good, and the effect is already seen on its share price. Shares of Wipro slumped 5.7% to hit a 52-week low of ₹383 last week.
That’s not all. Wipro share price has remained under pressure in 2022.
Last week, Bengaluru-based Wipro reported a 14.6% jump in its September 2022 quarter revenue at ₹225.4 bn.
On a year-on-year (YoY) basis, the company’s net profit fell 9.3% to ₹26.6 bn. Net profit was weighed down by rising staff expenses and lower non-US earnings.
The company's operating margin in the IT services segment grew 16 basis points sequentially to 15.1%.