Buyback Approved: TCS Net profit rises to ₹11,342 crore At the Rate of 8.7 Percent

By Consultants Review Team Wednesday, 11 October 2023

Today, October 11, Tata Consultancy Services (TCS) reported its July-September quarter results for fiscal 2023-24 (Q2FY24). The IT firm recorded an 8.7 percent increase in overall net profit to 11,342 crore in the September quarter, up from 10,431 crore in the same time last year. The board approved a 17,000 crore repurchase at a price of Rs 4,150 per equity share, representing a 15% premium. This is the fifth share buyback for the IT behemoth in the last six years.

Analysts on D-Street had widely expected India's largest software service exporter to record single-digit revenue and profit growth despite global economic events that continue to weigh on the information technology (IT) sector.

BSNL has chosen TCS to put out a contemporary 4G and 5G mobile communication infrastructure across India, including 100K telecom stations, according to the IT major.

TCS was chosen by a large APAC electricity distributor to install a secure, enterprise Generative AI Platform on Azure to answer user enquiries about electrical equipment health and safety.

According to a BSE filing, Jaguar Land Rover has expanded its strategic relationship with TCS to accelerate digital transformation throughout the business.  TCS collaborated with GE Healthcare's Global IT division to digitally revamp the global IT function. TCS will be in charge of enterprise IT application development, maintenance, rationalization, and standardization.

Furthermore, to transform the Government e-Marketplace (GeM) platform, TCS said it was selected as a strategic partner by the Government of India. And to also transform its closed-book life business, the IT major said, a Dutch life insurance and pensions provider company Athora Netherlands has chosen TCS.


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