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TCS share buyback 2022 January 25 2022TCS share news

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TCS buyback 2022

Tata Consultancy Services (TCS) launched a Rs 18,000-crore repurchase offer for its shareholders at Rs 4,500 per scrip on Wednesday, a 12.2% increase in its consolidated net profit to Rs 9,769 crore for the December 2021 quarter.

In the previous fiscal year, the country's largest software services provider had a net profit of Rs 8,701 crore.

TCS stated in a regulatory filing that revenue increased 16.3% to Rs 48,885 crore in the quarter under review, up to Rs 42,015 crore in the same quarter previous year.

The board has suggested a Rs 18,000 crore share repurchase at Rs 4,500 per share, according to the statement.

The business has also declared Rs 7 per share dividend, with a record date of January 20, 2022, and a payment date of February 7, 2022.

TCS's chief operating officer and executive director, N Ganapathy Subramaniam, stated that the business has achieved a significant milestone by surpassing the USD 25 billion sales threshold in the calendar year 2021.

Samir Seksaria, TCS's Chief Financial Officer, stated, "Despite a tough supply environment, our continuous investment in people has enabled us to drive significant growth. We're still concentrating on long-term talent development as well as tactical steps to reduce turnover."

In the third quarter, Seksaria said, the business used multiple operating levers to minimize increasing expenditures and control staff expenses.

On a net basis, the corporation hired 28,238 people, bringing the total of employees to 5,56,986 as of December 31, 2021.

In the third quarter, the company's IT services attrition rate (LTM) was 15.3 percent.

In addition to the 43,000 freshmen TCS hired in the first half of the year, it also on boarded 34,000 new graduates in the third quarter, which is higher than the previous full-year fresher hiring records.

"By continuing to invest in our people, giving internal candidates first priority for the most interesting available positions, enabling worldwide deployment opportunities, and providing fast track career paths linked to learning, we will be able to achieve our goals, and promotions to over 110,000 employees," Milind Lakkad, TCS's Chief Human Resources Officer, stated the company has been able to retain its best talent and overcome supply-side challenges.

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