TCS announces Rs 17,000-cr scheme to buy back shares

The country’s largest software company, Tata Consultancy Services (TCS), on Wednesday said its net profit increased 8.7% year-on-year to Rs 11,342 crore in the September 2023 quarter. The Tata Group flagship had reported a net profit of Rs 10,431 crore in the year-ago period.

The company’s Board of Directors also approved a proposal to buy back up to 4,09,63,855 equity shares for an aggregate amount not exceeding Rs 17,000 crore at Rs 4,150 per share. The proposed buyback represents 1.12% of the total paid-up equity share capital of TCS. The company also announced the second interim dividend of Rs 9 per share.