TCS Q3 net rises 12.2% to `9,769 cr; board approves Rs 18,000 crore share buyback plan

New Delhi: 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, and announced a Rs 18,000 crore buyback offer for its shareholders at Rs 4,500 per scrip.

The country's largest software services firm had logged a net profit of Rs 8,701 crore in the year-ago period.

Revenue of the Mumbai-based firm grew 16.3 per cent in the quarter under review to Rs 48,885 crore from Rs 42,015 crore in the corresponding period last fiscal, TCS 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.

N Ganapathy Subramaniam, chief operating officer and executive director of TCS, said the company has crossed an important milestone of hitting the USD 25-billion revenue mark in the calendar year 2021.

TCS Chief Financial Officer Samir Seksaria said, "Our sustained investment in talent has helped us power strong growth despite a challenging supply environment. We remain focused on long-term talent development as well as on tactical measures to mitigate the talent churn."