The Business Bytes
TBB BUREAU
MUMBAI, JANUARY 12, 2022
India’s largest software services company Tata Consultancy Services (TCS) on Wednesday reported a 12.2 per cent rise in its consolidated net profit to Rs 9,769 crore for the December 2021 quarter as against a net profit of Rs 8,701 crore in the corresponding period in the previous fiscal. It also announced an Rs 18,000-crore buyback offer for its shareholders at Rs 4,500 per scrip.
Revenue of TCS grew 16.3 per cent in the quarter under review to Rs 48,885 crore from Rs 42,015 crore in the corresponding period of the previous financial year, the IT major said in a regulatory filing. The board has recommended a shares buyback of Rs 18,000 crore at Rs 4,500 apiece, it added. “Our continued growth momentum is a validation of our collaborative, inside-out approach to our customers’ business transformation needs. Customers love our engagement model, our end-to-end capability, and our can-do approach to problem solving…While mapping out their innovation and growth journeys, we are also helping them execute new-age operating model transformations to support those journeys,” TCS CEO and Managing Director Rajesh Gopinathan said.
The company has also announced a dividend of Rs 7 per share with the record date being set as January 20, 2022, and the payment date as February 07, 2022.
