The net value of TCS for the third quarter rose to Rs 9,769, announces share repurchases

The net value of TCS for the third quarter rose to Rs 9,769, announces share repurchases

Tata Consultancy Services, India’s biggest IT services organization, on Wednesday posted united net profit of ₹9,769 crore for the quarter ending 31 December, 2021 (Q3FY22), up 12% from ₹8,701 crore a year prior. The Mumbai-headquartered organization likewise declared share buyback to the tune of Rs 18,000 crore at Rs 4,500 for every share. The organization likewise reported dividend of Rs 7 for each share. On Wednesday, TCS’ scrip on BSE shut 1.5% lower at Rs 3,857.

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.”

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.”

“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.

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