TCS Q2 Results Update: The country’s largest IT company Tata Consultancy Services has announced the results for the second quarter of the financial year 2023-24. In the second quarter between July to September, the company’s profit has increased by 9 percent to Rs 11,342 crore, which was Rs 10,431 crore in the same quarter of the last financial year. The company has also decided to give a dividend of Rs 9 per share to its shareholders.
Decision on share buyback at Rs 4159
TCS has also announced share buyback worth Rs 17,000 crore. The company will buyback shares at a price of Rs 4150 per share. This is the second time in the last two years that TCS has decided to buyback shares. That means the company has decided to buyback shares at 15 percent premium from the current price.
7.9 percent jump in revenue
Talking about the results of TCS, the company’s revenue in the second quarter was Rs 59,692 crore, which is 7.9 percent more than the same quarter of the last financial year. TCS has also announced a dividend of Rs 9 per share to the shareholders. The record date for paying dividend has been fixed as 9 October 2023 and the dividend will be paid to the shareholders on 9 November 2023.
K Krithivasan, CEO of TCS and MG, said on the results that, our clients continue to trust us to drive new technology initiatives and digitally transform large programs in their IT and business operating models. We have been provided with a very large order book in the second quarter. TCV has been the highest in this quarter and it is expected to remain better in future too. The demand for our services, our customers’ willingness to commit to long-term programs and experimentation with AI and new technologies increases our confidence in better prospects in the long term.
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