TCS Q3 net profit up 12.2 percent at Rs 9,769 crore

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New Delhi, Jan 12 (PTI) Information technology giant Tata Consultancy Services (TCS) reported a consolidated net profit of 12.2 per cent at Rs 9,769 crore in the third quarter of the current financial year ended December 2021. The company has also announced a share buyback program of Rs 18,000 crore at Rs 4,500 per share.

With this, the company’s net profit in the corresponding quarter (October-December) of the previous financial year was Rs 8,701 crore.

In the information given to the stock exchanges, the company said that its income grew 16.3 percent to Rs 48,885 crore in the October-December quarter of the current financial year, as compared to Rs 42,015 crore in the same quarter a year ago.

The company said the board of directors has recommended a share buyback program worth Rs 18,000 crore at Rs 4,500 per share.

Rajesh Gopinathan, Chief Executive Officer (CEO) and Managing Director, TCS said, “Our continued growth is a validation of our collaborative approach and our ability to meet the business transformation needs of customers. Our customers love the way we connect with them and our ability to meet their diverse needs.”

We are also helping them to adopt a new age operational model keeping in mind the needs of their innovation and growth journey, he added.

The company has declared an interim dividend of Rs.7 per share. The record date for this is January 20, 2022. The payment date is February 7, 2022.

The company laid off a net 28,238 employees in the quarter under review. With this, its workforce has reached 5,56,986 as on December 31, 2021.

The job loss rate from IT services stood at 15.3 percent in the third quarter.

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