India’s largest IT services company, Tata Consultancy Services posted a 12 per cent rise in its net profit for the December quarter of the current fiscal at Rs 9,769 crore, against Rs 8,701 crore recorded during the corresponding period of last year.
The company’s revenue from operations also rose 16 per cent to Rs 48,885 crore in the third quarter of the current fiscal. It was Rs 42,015 crore in the same period last year.
In addition to this, in a bonus for the company’s shareholders, TCS’ board has also approved buyback of shares worth Rs18,000 crore.
“The Board of Directors at its meeting held has approved a proposal to buy-back up to 4,00,00,000 equity shares of the company for an aggregate amount not exceeding Rs 18,000 crore being 1.08 per cent of the total paid up equity share capital at 4,500 per equity share subject to approval from shareholders,” TCS said in a filing.
The buyback will be executed at a premium of Rs 643 from the current share price.
TCS board has also declared interim dividend of Rs 7 per equity share.