TCS Q3 Profit Rises To Rs 9,769 Crore, Announces Buyback Worth Rs 18,000 Crore

Tata Consultancy Services (TCS), the country's largest information technology company by market value, on Wednesday reported net profit of Rs 9,769 crore for quarter ended December 2021, marking a sequential increase of 1.5 per cent on the back of mid to high teen growth in all industrial verticals. The company's board also approved a share buyback proposal worth Rs 18,000 crore in which the company will buy back its shares at Rs 4,500 per share, marking a premium of 16.66 per cent to today's closing price.

TCS' revenue from operations rose 4.3 per cent sequentially to Rs 48,885 crore. Its revenue in constant currency terms advanced 15.4 per cent (Y-o-Y).

During the October-December period, TCS added ten new $100 million+ clients and 21 new $50 million+ clients. Its total $100 million+ plus clients stood at 58 and $50 million+ clients stood at 118.

The company added 28,238 employees in December quarter taking total workforce strength to 5,56,986. Its attrition rate stood at 15.3 per cent, lowest in the industry.

“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,” said Rajesh Gopinathan, Chief Executive Officer and Managing Director of the company.

The company also announced an interim dividend of Rs 7 per share.

TCS shares ended 1.5 per cent lower at Rs 3,857 ahead of earnings announcement.