India’s largest IT services company, Tata Consultancy Services, reported a 12 per cent increase in its net profit to Rs 9,769 crore in the December quarter of the current fiscal from Rs 8,701 crore recorded during the same period last year. .
The company’s revenue from operations also grew 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.
Besides this, in a bonus for the shareholders of the company, the board of TCS has also approved buyback of shares worth Rs 18,000 crore.
“The Board of Directors in its meeting has approved the proposal to buy back 4,00,00,000 equity shares of the Company for an amount not exceeding Rs.18,000 crore, which is 1.08 per cent of the total paid-up equity share capital. TCS 4,500 per equity share, subject to approval from shareholders, said in a filing.
The buyback will be executed at a premium of Rs 643 over the existing share price.
The TCS board has also declared an interim dividend of Rs 7 per equity share.
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