TCS Q2 net profit up 4.9% at Rs 8,433 crore; announces Rs 16,000 crore buyback plan

India’s largest software services firm Tata Consultancy Services on Wednesday reported 4.9 per cent rise in consolidated net profit to Rs 8,433 crore for the September 2020 quarter and announced up to Rs 16,000 buyback plan.

The net profit excluded Rs 1,218 crore-provision towards legal claim. Including this number, the net profit was at Rs 7,475 crore, TCS said in a regulatory filing.

TCS had registered a net profit of Rs 8,042 crore in the September 2019 quarter.

Its revenue grew three per cent year-on-year to Rs 40,135 crore for the just-ended quarter from Rs 38,977 crore in the year-ago period.

The filing said the Board has approved a buyback plan of up to Rs 16,000 crore, priced at Rs 3,000 per equity share.