Indian markets remain closed today, Saturday, April 13, 2024, but investors are eagerly anticipating the upcoming week as most of major companies are set to announce their fourth-quarter (Q4) earnings for the fiscal year 2024 (FY24).

The NIFTY 50, India’s benchmark index, closed at 22,519.40 on April 12, down 1.03%. Similarly, the BSE SENSEX, the country’s other major index, closed at 74,244.90, a decline of 1.06%. The markets experienced a broad-based sell-off, reflecting the cautious sentiment among investors ahead of the upcoming earnings season.

Tata Consultancy Services (TCS)

Tata Consultancy Services (TCS), the country’s largest IT services company, reported its Q4 FY24 earnings on Friday, April 12. The company’s revenue for the quarter was up 3.5% on a quarter-on-quarter (QoQ) basis, which is in line with market expectations. TCS reported a consolidated net profit of Rs 12,434 crore for the fourth quarter, marking a 9.1% increase from Rs 11,392 crore recorded a year earlier.

Q4 FY24 Earnings:

Q4 FY24 Revenue: at Rs.61,237 crore; up 3.5% Y-o-Y
Q4 FY24 Revenue: In Constant Currency terms up 2.2% Y-o-Y
Q4 FY24 Revenue at $7,363 million; up 2.3% Y-o-Y
Q4 FY24 Net Profit at Rs.12,434 crore; up 9.1% Y-o-Y#TCSQ4

— Tata Consultancy Services (@TCS) April 12, 2024

Revenue from operations experienced a slight year-on-year (YoY) uptick, rising by 3.5% to reach Rs 61,237 crore. The company also announced an interim dividend of Rs 28 per equity share. The IT Company declined a modest 0.48% to Rs 4,003.80 and has traded in a range of Rs 3,070.25 to Rs 4,254.75 over the past year, with a market capitalization of Rs 14.50 trillion.

­­FY24 Earnings:

FY24 Revenue: at $29,080 million; up 4.1% Y-o-Y
FY24 Revenue: at Rs.2,40,893 crore; up 6.8% Y-o-Y
FY24 Revenue: in Constant Currency terms up 3.4% Y-o-Y
FY24 Net Profit (excl settlement of legal claim) at Rs.46,585 crore; up 10.5% Y-o-Y

— Tata Consultancy Services (@TCS) April 12, 2024

For FY24, Infosys reported a 4.1% year-over-year increase in revenue to $29,080 million (Rs. 2,40,893 crore, up 6.8% YoY). Revenue in constant currency terms grew 3.4% YoY. Excluding the settlement of a legal claim, net profit rose 10.5% YoY to Rs. 46,585 crore, reflecting the company’s solid financial performance.

Infosys Ltd

Rival Infosys saw its shares drop 1.46% to Rs 1,484.85, underperforming the broader market and is set to announce its Q4 FY24 results next week, April 18th. The Bangalore-based company is the second-largest Indian IT services firm after TCS in terms of revenue. Infosys recently became the fourth Indian company to cross the $100 billion market capitalization mark, currently standing at Rs 6.15 trillion. The stock has moved between Rs 1,185.30 and Rs 1,733.00 over the past 52 weeks.

Hindustan Unilever Ltd

Consumer goods major Hindustan Unilever declined 1.19% to Rs 2,234.00. HUL, a subsidiary of British conglomerate Unilever, is a leading player in the fast-moving consumer goods (FMCG) space with a diverse product portfolio spanning foods, beverages, cleaning agents and personal care products. The stock has traded in a range of Rs 2,228.60 to Rs 2,769.65 over the past year.

Reliance Industries Ltd

Shares of energy-to-telecom conglomerate Reliance Industries fell 0.74% to Rs 2,937.15. Reliance is India’s largest company by market capitalization of Rs 19.86 trillion and revenue, as well as the country’s biggest private sector taxpayer and exporter. The stock has moved between Rs 2,111.68 and Rs 3,024.90 over the past 52 weeks. The company is also the largest private tax payer and the largest exporter in India, accounting for 7% of the country’s total merchandise exports and is also set to announce its Q4 FY24 results next week 18th April

HDFC Bank Ltd

HDFC Bank, India’s largest private sector lender, saw its stock decline 1.31% to Rs 1,516.25. Following the merger with parent HDFC, the combined entity is now the world’s sixth-largest bank by market capitalization of around Rs 11.54 trillion. The HDFC Bank stock has traded in a range of Rs 1,363.55 to Rs 1,757.50 over the past year. HDFC is also another major company that will release its Q4 FY24 results next week on 20th April.

The Indian markets will remain closed on Monday for a local holiday and resume trading on Tuesday, April 16th, 2024.