TCS beats estimates on faster demand recovery, announces Rs 16K-cr buyback

Tata Consultancy Services (TCS), the country’s largest IT services company, on Wednesday beat street expectations in its second-quarter (Q2) financials, led by a rebound in growth in key verticals and geographies.
 
The company’s consolidated revenues in Q2 rose 3 per cent on a year-on-year (y-o-y) basis at Rs 40,135 crore while they were higher 4.7 per cent quarter-on-quarter (q-o-q).
 
In dollar terms, revenues stood at $5.42 billion, an increase of 7.2 per cent over the same period of the last financial year.
 
The board of directors approved a share buyback, the third one of the Mumbai-headquartered company