TCS Q2 profit down 7%; announces up to $2.2 billion buyback – Times of India

NEW DELHI: India’s top software exporter Tata Consultancy Services (TCS) on Wednesday reported a net profit of Rs 7,475 crore in the second quarter, 7 per cent fall against Rs 8,042 crore posted in the same period last year.
The software exporter’s revenue in the September quarter stood at Rs 40,135 crore against Rs 38,977 crore a year ago. Also, TCS set aside Rs 1,218 crore under exceptional items related to a US lawsuit.
The company said it would buyback shares worth up to Rs 16,000 crore ($2.18 billion).
The buyback comes at a time when TCS parent Tata Sons is engaged in a fight with one of its oldest shareholders, the Shapoorji Pallonji Group, which recently said “a separation from the Tata Group is necessary”.
It announced an interim dividend of Rs 12 per share, payable on November 3.

The IT major further stated that its chief financial officer V Ramakrishnan will retire on April 30, 2021. Samir Seksaria would take over from Ramakrishnan as CFO from May 1, 2021.
(With Reuters inputs)