TCS profits up 4.9% to Rs 8,433 crore, approves buyback plan of 16,000 crore

TCS to recruit 40 thousand from campus this year

Consolidated net profit of Tata Consultancy Services (TCS) rose 4.9 per cent to Rs 8,433 crore in the July-September quarter. This increase is on an annual basis. This profit does not include the provision of Rs 1218 crore made for a legal claim. If you add this amount, the company’s net profit in the September quarter is Rs 7475 crore, which is a 6.7 percent growth on a quarterly basis. TCS reported a net profit of Rs 8042 crore in the September 2019 quarter.

The company’s revenue also registered an increase in the September 2020 quarter and it grew 3 per cent year-on-year to Rs 40,135 crore. TCS received a revenue of Rs 38,977 crore in the same quarter a year ago. In the July-September quarter, the revenue has increased 4.7 percent compared to the April-June quarter.

With the results for the second quarter of FY 2020-21, the company said in a regulatory filing that the TCS board has approved a share buyback plan of Rs 16000 crore. The company will buyback at Rs 3000 per equity share. The board has approved TCS’s offer to buyback up to 5,33,33,333 shares. TCS has also announced that it will give an interim dividend of Rs 12 per share to its shareholders. Besides, it has also been decided to increase the salary of TCS employees from October 1.

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