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TCS shares jump over 2 per cent after Q3 earnings

CUE API | | Updated on: Jan 13, 2022

The IT major reported a 12.2 per cent rise in December quarter net profit

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Shares of Tata Consultancy Services (TCS) on Thursday gained over 2 per cent after the firm reported a 12.2 per cent jump in December quarter net profit on handsome revenue growth, and guided towards maintaining the same momentum going forward.

The stock gained 2.25 per cent to ₹3,944.40 at the BSE.

On the NSE, it jumped 1.63 per cent to ₹3,923.

The country's largest software exporter TCS on Wednesday reported a 12.2 per cent jump in December quarter net profit at ₹9,769 crore on handsome revenue growth, and guided towards maintaining the same momentum going forward on the back of a strong demand environment.

The company, the cash cow of the over $100 billion Tata Group, witnessed a 16.3 per cent jump in its revenue to ₹48,885 crore for the reporting quarter.

Buyback offer

The company, which is sitting on cash and equivalent of over ₹65,000 crore, also announced an up to ₹18,000-crore buyback offer where it has committed to pay ₹4,500 per share.

"The demand environment is strong and the possibility of growth headroom is very high. Our aim is to maintain the momentum and we will go all out for the same," TCS managing director and chief executive Rajesh Gopinathan told reporters.

Published on January 13, 2022

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