Friday, January 21, 2022
HomeBusinessTCS Q3 Net Profit Jumps to Rs 9,769 cr; Revenue Up 16%,...

TCS Q3 Net Profit Jumps to Rs 9,769 cr; Revenue Up 16%, Rs 18,000 cr Buyback Approved


Tata Consultancy Services (TCS) has posted a consolidate net profit of Rs 9,769 crore, up by 12.3 per cent year-on-year for the period ended on December 31. The net profit stood at Rs 8,701 crore for the same period last year. According to CNBC-TV18 poll, net profit for the December quarter was estimated at Rs 9,862 crore. India’s largest information technology services exporter saw growth in all industry verticals in the third quarter of FY22.

Revenue from the operations increased to Rs 48,885 crore, up 16.3 per cent year-on-year during Q3 FY22. IT behemoth’s revenue was Rs 42,015 crore in the corresponding period a year ago. In the constant currency terms, the revenue grew 15.4 per cent.

TCS net cash from operations stood at Rs 10,853 crore during the quarter under review.  It added 10 new $100 million-plus clients during the quarter, taking the total to 58. It also added 21 new $50 million-plus clients, taking the total to 118.

TCS said its operating margin stood at 25 per cent for the quarter, down 1.6 per cent year-on-year.

Commenting on the December quarter results, 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 also announced a third interim dividend of Rs 7 per share. The record date for the dividend is set January 10 and dividend will be credited by February 7.

The Bengaluru headquartered also approved a share buyback at Rs 4,500 per share, at a premium of 16.67 per cent over the last traded price of the stock. The company will buy back shares worth Rs 18,000 crore.

With the number of women in its workforce crossing 200,000, TCS crossed a new milestone in its diversity journey in Q3, the company said. IT giant added 28,238 employees on a net basis, taking the total number of employees to 556,986 as on December 31, 2021. IT Services attrition rate in Q3 was 15.3 per cent.

“The ability to attract and retain top quality talent across the world has been central to TCS’ business success and a source of competitive differentiation. We continue to set new records in talent acquisition,” said  Milind Lakkad, chief HR officer.

N Ganapathy Subramaniam, chief operating officer and 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 CY 2021.”

Read all the Latest News, Breaking News and Coronavirus News here.



Thanks

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments