Mumbai [India], January 12 (ANI): Tata Consultancy Services (TCS), the country's largest IT firm, on Wednesday announced that its consolidated net profit during the third quarter of the current financial year rose to Rs 9,769 crore, which is 12.3 per cent higher from Rs 8,701 crore recorded in the corresponding period of 2020-21.
The company posted a total revenue of Rs 48,885 crore during October-December 2021 quarter, registering year-on-year growth of 16.3 per cent.
TCS Board of Directors on Wednesday recommended a buyback of shares to the tune of Rs 18,000 crore at Rs 4,500 per share.
"Our continued growth momentum is a validation of our collaborative, inside-out approach to our customers' business transformation needs," Rajesh Gopinathan, Chief Executive Officer and Managing Director, TCS, said in a statement.
"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," Gopinathan said.
According to the company's statement released after the Board meeting, "Q3 witnessed a clear trend of enterprises investing confidently in technology initiatives for longer term growth. There was broad-based growth across all services, led by Cloud, Cyber Security, Consulting & Services Integration and IoT & Digital Engineering."
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 CY 2021." (ANI)