Q3 Results today: TCS, Infosys, HDFC AMC, others to announce Q3 earnings

Q3 results today: The Q3 earnings season officially began today (Thursday, January 11) with the release of Q3FY24 financial results from two major information technology (IT) companies, Tata Consultancy Services Ltd (TCS) and Infosys Ltd. Analysts predict that the commentary by IT management will be more significant than the tepid results.

The Q3 numbers will be closely watched by market participants, as it is expected that a trend will emerge in response to the Q3 results in the coming days, according to analysts. Domestic equity benchmark indices, the Sensex and Nifty 50, ended higher on Wednesday's session led by gains in IT and metal stocks.

The 30 share Sensex ended higher by 271.50 points or 0.38% at 71,657.71 level while the Nifty 50 closed at 21,618.70 level, up 73.85 points or 0.34%. "It was the eleventh trading session when Nifty 50 closed between the narrow range of 21,500 to 21,800. Nifty 50 formed a strong bullish rejection candle indicating a limited downside movement of the market.

It is also evident from the weekly option chain where puts have been heavily written. As the results season kicks in, corporate performance will decide the market's future trajectory. Bad results from the IT sector are likely to have a limited impact on the market as the underperformance is already factored in.

However, better than expected results may propel the market towards the 22,000 level," said Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy. Today, apart from TCS and Infosys, a handful of companies will be releasing their Q3 results, including 5paisa Capital Ltd, Agi Infra Ltd, Fundviser Capital (India) Ltd, GTPL Hathway Ltd, Gujarat Hotels Ltd, Ltd, Ltd, Longview Tea Company Ltd, Mercury Trade Links Ltd, Plastiblends India Ltd, Pro Fin Capital Services Ltd, Quasar India Ltd, Rajoo Engineers Ltd, Sonalis Consumer Products Ltd, Shekhawati Poly Yarn Ltd, and Vijay Textiles Ltd.

Infosys The company is expected to report weak Q3 results with a sequential drop in revenues and fall in margins. The overall Indian IT sector is expected to report subdued earnings for the third quarter FY24 as the ongoing weakness in IT services demand has worsened due to unexpectedly high furloughs.

Infosys is expected to report a net profit of 6,172 crore during the quarter ended December 2023, registering a drop of 0.64% from 6,212 crore in the September quarter. The company’s operating margin is likely to contract by 100 basis points (bps) QoQ to 20.2% impacted due to two months of wage hikes impact in the quarter and furloughs.

Analysts expect Infosys to maintain its guidance on the back of healthy deal wins and strong pipeline, which are expected to support Q4FY24 growth. (more to come) Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!.