Mumbai: Tata Consultancy Services(TCS), India’s most valued company, created history on Monday when its market cap surpassed the sentimental $100-billion mark in the first hour of trade. In doing so, TCS also beat US-listed rival Accenture’s market capitalisation of $98 billion. The market cap of the largest company in the Tata group is now 52 percent higher than all the other IT index companies put together.
The TCS stock was up 2.7 percent at Rs. 3504 at 1230 IST. TCS became a $25-billion company in 2010 and hasn’t looked back since. It crossed the $50-billion mark in 2013 and then the $75-billion figure a year later.
The company’s above-consensus March quarter results, declared Thursday, helped the company cross the milestone in today’s session. Consolidated profit grew 5.7 per sequentially to Rs. 6,904 crores and revenues rose 3.8 percent to Rs. 32,075 crores. Besides strong revenue growth, a 13.7 percent higher other income boosted profitability.
The Tata group flagship, contributes around 85 per cent of the group’s profit, A revenue growth of 8.2 per cent at Rs 32,075 crore for the three months to March. In dollar terms, the company had its highest revenue growth in 14 quarters at 11.7 per cent.