6.7% rise in QoQ profits at TCS

Tata Consultancy Services kicked off the earnings season in an ebullient fashion as its net profits rose 6.7 per cent over the previous quarter to Rs 7475 crore as its clients raised spending on technology solutions. It had reported profits of Rs 7008 crore in the April-June quarter. However, it was 7 per cent lower than the net profit of Rs 8,042 crore in the year ago quarter.

TCS also announced a Rs 16,000-crore share buyback programme and declared an interim dividend of Rs 12 per share apart from resuming salary hikes for its employees from October.

The pandemic has affected several industries but it has had a positive rub-off on the IT sector as enterprises have accelerated their technological transformation with work from home and work from anywhere becoming the norm.