For the first time, two of the biggest software service providers in the country, Infosys and Tata Consultancy Services (TCS), will release their January-March quarter results on the same day, that is, 12 April. Friday also marks the beginning of the Q4 earnings season.

Despite March being a seasonally weak quarter for the IT companies, brokerages are expecting the two companies to report healthy earnings. Both the companies signed strong deals in the last quarter, however, an increase in the cost of doing business and rupee's strengthening could lower profit margins.

A stronger rupee hurts profits of IT companies that make a major portion of their earnings from exporting software. The Nifty IT Index rose about 24 percent in the past year while NSE's benchmark index Nifty 50 gained 11 percent.

As investors, one has to look at various aspects in the Q4 results to be declared on Friday.

TCS had reported double-digit revenue growth for four straight quarters till December, while Infosys had raised its full-year revenue outlook to 8.5 to 9 percent (in constant currency terms). Investors will have to look at revenue growth guidance and management commentary on projections.

Buybacks are unlikely for these two software giants as these can be conducted only once in 12 months. In January this year Infosys approved a Rs 8,260-crore share buyback, while TCS had announced a Rs 16,000-crore share buyback back in June 2018.