TCS’s share price dived back in the green on Wednesday as the company released its earnings result for FY23. The share had closed higher on Wednesday in hopes of a strong Q4-print.

What Happened: India’s biggest IT firm on Wednesday released its financial results for FY23. The company’s results failed to meet market expectations. The company’s revenue from operations at ₹59,162 crore -up around 17% year-over-year- was slightly below consensus estimates of around ₹59,400 crore.

Net profit also came up short of street estimates. The company’s profit after tax stood at ₹11,392 crore, a 14.8% YoY increase, however, consensus estimates were around ₹11,550-₹11,600 crore. The company’s EBIT margin stood at 24.5% lower than street estimates of 25%. The company has also proposed a ₹24/share final divided for FY23.

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Several global analysts were left disappointed with IT giant’s results. JP Morgan maintained its ‘underweight’ rating for the stock with a price target of ₹2,700. The firm attributed the earnings miss in parts to the unexpected crisis in the US.

Nomura also maintained its ‘reduce’ rating for the stock and cut the target price from ₹2,850 to ₹2,830. The firm said the near-term outlook for the stock remains weak. CIti also maintained its ‘sell’ rating for the stock with a price target of ₹3,000. The firm noted that the company’s Q4-print was a miss on all accounts, and added that the company’s current valuation is still high.

Price Action: TCS share price was down 1.30% to trade at ₹3,200 as the markets opened on Thursday.

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