TCS announces Rs 16,000 crore buyback
- TCS profit up 4.9% in the September quarter at Rs 8,433 crore
- The company also announced a Rs 16,000 crore buyback plan
- Company to repurchase shares at Rs 3000 per share
- Also, an interim dividend of Rs 12 per share will also be given.
The country’s largest IT company, Tata Consultancy Services (TCS) reported a 4.9 per cent increase in profit to Rs 8,433 crore in the September quarter. The company also announced a Rs 16,000 crore buyback plan with its quarterly results on Wednesday. The company will repurchase shares at Rs 3000 per share. This is 9% higher than the closing price of TCS shares on BSE on Wednesday. The company’s stock closed at Rs 2,737.4 on Wednesday.
The company had a profit of Rs 8,042 crore in the September quarter last year. The company’s revenue grew 3 per cent year-on-year to Rs 40,135 crore in the September quarter from Rs 38,977 crore a year ago. The company said in a regulatory report that its board has approved the repurchase of 5,33,33,333 equity shares of TCS. This is 1.42 per cent of the total paid-up equity share capital. In this way, shares worth Rs 16,000 crore will be repurchased. The company has also announced an interim dividend of Rs 12 per share.