TCS becomes India's first company to hit $100 billion market cap

TCS COO N Ganapathy Subramaniam

Market capitalisation of the IT giant has risen from Rs 47,232 crore to a mammoth Rs 6.78 lakh crore in 14 years of its listing - the highest among all Indian listed companies.

Incidentally, the market capitalisation of TCS is more than two-and-a-half times that of Infosys, which is now valued at $38.7 billion.

The IT major was listed on August 25, 2004, and if an investor had invested Rs 10,000 in TCS at that point, she would have made over Rs 1.40 lakh (ex-dividend) by now.

The company's shares had surged a day after its quarterly results announcement, which reported a net profit for Q4 at Rs 6,925 crore - up 4.6 per cent - from Rs 6,622 crore in the same period in 2017 and up 5.8 per cent sequentially from Rs 6,545 crore a quarter ago. At 10:00 am, the stock was trading at Rs 3493, up 2.5 per cent on the BSE.

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In dollar terms, TCS reported revenue of $4,972 million in Q4, up 3.9 per cent quarter-on-quarter and up 11.7 per cent year-on-year.

TCS breached the 3,500 rupee ($52.87) per share mark on Monday for the first time, reaching $100 billion in market capitalisation.

"With robust deal wins and green-shoots in banking, financial services and insurance (BFSI) sector, there is definite possibility of double-digit revenue growth". The reward, however, hasn't come without a scare, as TCS shares had plunged five per cent after the promoter pared its holding from 73.6 per cent to 71.9 per cent. It reported a revenue growth of 8.2 percent at Rs 32,075 crore for the March quarter, up from Rs 29,642 crore a year earlier. With growth acceleration, scale up in digital and support from currency, margins are ready for uptick as well, implying return of double-digit revenue/earnings growth after 3 years.

"Justifying current valuation requires baking in Dollars 2.1 billion of incremental revenue in FY19 and justifying current valuation requires 11 percent CAGR over the next 7 years", it said. "Bonus share (1:1) and 80-100% FCF distribution is the icing on the cake", said the brokerage.

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