TCS’s share price was surging in the green as the Tata Group company’s posted its results for the June quarter.

What Happened: The IT services giant reported a net profit of ₹11,074 crore, up 16.84% from the ₹9,478 crore profit it booked in the June quarter of last year. The net income was slightly above consensus estimates of around ₹10,950 crore.

The company’s revenue from operations for the April-June period stood at ₹59,381 crore registering a growth of 12.6% as compared to the ₹52,758 crore revenue it reported in the same period last year. The company’s order book stood at $10.2 billion (₹84,000 crore) with a book-to-bill ratio of 1.4.

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The company’s earnings per share for the quarter stood at ₹30.26. The company also declared a ₹9 interim dividend per share. The record date for the dividend payment is July 20.

Analyst Reactions: Analysts were mostly disappointed by the company’s performance. JP Morgan maintained its “underweight” rating for the stock with a price target of ₹2,650. The firm said that while the Q1 print was broadly in line, the IT giant is still witnessing softness in demand.

Nomura also maintained its “reduce” rating for the stock with a price target of ₹2,800. The firm noted that the company’s Q1 numbers missed both its revenue and profits estimates. The firm also pointed out that the company’s headcount growth remains dampened.

Jefferies also maintained its “hold” rating for the stock with a price target of ₹3,450. The firm noted that the company’s revenue was in line and profits slightly y beat its estimates. However, it added the company’s current valuation limits upside.

On the other hand, Berstein maintained its “overweight” rating for the stock with a price target of ₹3,650. The firm noted that company revenue was in line with estimates and profit beat its estimates by 1%. The research firm also added that the company reported an order book of over $10 billion for the second consecutive quarter.

Price Action: TCS’s share price was up 1.48% to trade at ₹3,308.20 as the markets opened on Thursday.

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