TCS Q3 net rises 12% to Rs 9,769 cr, announces Rs 18,000-cr share buyback

TCS board has recommended a buyback of shares to the tune of Rs 18,000 cr at Rs 4,500 per share

IT major Tata Consultancy Services (TCS) on Wednesday reported 12% jump in consolidated net profit at Rs 9,769 crore for the quarter ending December 2021. It was Rs 8,701 crore a year ago.

The Mumbai-headquartered company also announced share buyback to the tune of Rs 18,000 crore at Rs 4,500 per share. 

The company also announced dividend of Rs 7 per share.

Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: “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.”

N Ganapathy Subramaniam, Chief Operating Officer & Executive Director, said: “We continued our focus on growing organically and on developing the talent, methodologies, and toolkits for an ever-evolving technology landscape. This, coupled with our contextual knowledge and the passion and commitment of thousands of TCSers enabled us to deliver cutting-edge solutions during the quarter, and help our clients realize speed to value. We are also delighted to cross another important milestone in our journey, hitting the $25 billion revenue mark in CY21.”

On Wednesday, TCS' scrip on BSE closed 1.5% lower at Rs 3,857.

"TCS crossed a new milestone in its diversity journey in Q3, with the number of women in its workforce crossing 200,000. The company added 28,238 employees on a net basis, taking the total number of employees to 556,986 as on December 31, 2021. Its policy of hiring local talent across the world has resulted in a globally distributed workforce comprising 156 nationalities," the company said in a stock exchange filing. Despite these measures, attrition inched to 15.3% in Q3FY22.