India Inc kicked off the earnings season with a mixed bag of earnings from the country's three largest IT service exporters: TCS, Infosys and Wipro. TCS and Infosys cheered the Street with their financial results but Wipro turned out to be a disappointment.
Infosys beat analysts' estimates in a CNBC-TV18 poll on most grounds, and barring the earnings before interest and taxes (EBIT) margin, Wipro fell short of their expectations on all fronts.
Tata Consultancy Services' revenue exceeded but EBIT fell short of their forecasts.
Wipro's margin, at 17.6 percent, was 20 basis points above forecasts.
Here are the three IT giants' key quarterly numbers vis-a-vis the expectations of analysts polled by CNBC-TV18:
|Profit (in crore rupees)||9,769||9,862||5,808||5,701||2,969|
|EBIT (in crore rupees)||12,237||7,484||7,255||3,553.5||3,560|
|Revenue (in million dollars)||6,524||6,464||4,250||4,122||2,639.7||2,673|
|Revenue (in crore rupees)||48,885||48,481||31,867||30,940||20,432.3||20,460|
TCS reported a net profit of Rs 9,769 crore over revenue of Rs 48,885 crore for the quarter ended December 2021.
Its EBIT margin came in at 25 percent, 70 basis points below the expectations of analysts polled by CNBC-TV18.
The board of the Tata group IT major approved a share buyback worth up to Rs 18,000 crore, at Rs 4,500 apiece. It also declared an interim dividend of Rs 7 per share. (Read more on TCS Q3 numbers)
The IT bellwether said the attrition rate in its IT services unit, at 15.3 percent (
last 12 months), was the lowest in the industry.
Infosys posted a net profit of Rs 5,809 crore over revenue of Rs 31,867 crore -- both beating forecasts. Its margin came in at 23.5 percent -- in line with estimates. (Read more on Infosys Q3 earnings)
Wipro said its profit was at Rs 2,969 crore for the third quarter of the current financial year. Its revenue came in at Rs 20,432.3 crore.
Its margin, however, at 17.6 percent, was 20 basis points above estimates. (Read more on Wipro Q3 earnings)