BENGALURU: India's largest IT services provider, Tata Consultancy services (TCS) has surpassed the Accenture to become the most-valued IT company globally with a $169.2-billion (Rs 12.34 lakh crore) market-cap on Monday.
At the time of reporting, Accenture's market-cap on Monday stood at $166.75 billion. US tech giant , IBM is the third-largest tech firm with a total market capitalisation of $105.3 billion on Monday.
TCS had on October 9 also edged out the global tech firms to reach a record market-cap value as IT service firms cashed in on the digital transformation wave accelerated by the COVID pandemic.
TCS shares on BSE ended at Rs 3290.2, down by 0.4% from previous close of Rs 3,303. The shares had hit a 52-week high last month as the company announced a Rs 16,000 share buyback plan.
On January 8, the Mumbai headquartered IT services firm reported the strongest Q3 results in nine years with a sequential revenue growth of 4.7% at Rs 42,015 crore in a seasonally weak quarter. In dollar terms, there was a 5.7% sequential revenue hike at $5.7 billion. The net profit rose by 7.1% YoY to Rs 8,701 crore. The company also announced a dividend at the rate of Rs 6 per share.
TCS CEO Rajesh Gopinathan said that the IT services provider has met its revenue, margins target early and the investments in digital, business transformation are paying off with big deal wins during the quarter. The company also reported a strong operating margin at 26.6% and the total contract value for the quarter excluding the recent acquisition of Deutsche Bank's IT infrastructure subsidiary Postbank Systems AG stood at $6.8 billion.
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