IT major, Tata Consultancy Services (TCS) on Wednesday reported a drop of 7.05 per cent in its net profit for the quarter ended September 2020 to Rs 7,475 crore as compared to Rs 8,042 crore in the same quarter a year-ago. The company has also declared an interim dividend of Rs 12 per equity share of Re 1 each.
During the quarter, the company’s net income has been increased by 4.9 per cent to Rs 8,433 crore and the revenue in the constant currency terms had witnessed 3.2 per cent drop on year-on-year basis. Consolidated revenue from the operations was up by 3 per cent on a year-on-year basis, at Rs 40,135 crore for the quarter ended on September 30.
Commenting on the company’s Q2 performance, Chief Executive Officer and Managing Director, Rajesh Gopinathan said, “Driving accelerated business value realisation of our customers’ digital investments has resulted in broad-based revenue growth. The strong order book, a very robust deal pipeline, and continued market share gains give us confidence for the future.”
Earlier for the June quarter, the company had reported nearly a fall of 14 per cent in its net profit on a year-on-year basis at Rs 7,008 crore and declared an interim dividend of Rs 5 per equity share of Re 1 each.
India’s biggest software services exporters had also announced a share buyback proposal of Rs 16,000 crore. TCS said that the board has approved the proposal to buy back up to 5,33,33,333 equity shares, around 1.42 per cent of the total paid-up equity share capital at Rs 3,000 per equity share, for an aggregate amount not exceeding more than Rs 16,000 crore on a proportionate basis.