Software biggie TCS Q2 net profit rises 8.7 per cent to Rs 11,342 cr

CHENNAI: Software major Tata Consultancy Services Ltd (TCS) on Wednesday said it closed the second quarter of FY24 with higher revenue and net profit and announced the second interim dividend of Rs 9 per share.

The company Board of Directors at their meeting held on Wednesday also approved a proposal to buyback up to 4,09,63,855 equity shares for an aggregate amount not exceeding Rs 17,000 cr at Rs 4,150 per share.

The proposed buyback represents 1.12 per cent of the total paid-up equity share capital of TCS.

In a regulatory filing, TCS said it had closed the quarter ended September 30, 2023 with a revenue of Rs 59,692 crore (Q2FY23 Rs 55,309 crore) and a net profit of Rs 11,342 crore (Rs 10,431 crore).

The Board of Directors also approved payment of second interim dividend of Rs 9 per share of Re 1 each.

According to K. Krithivasan, Chief Executive Officer and Managing Director, strong deal momentum delivered the company a very large order book in Q2 and good pipeline.

“During the quarter, BSNL awarded us the project to integrate and deploy a modern, indigenous pan-India 4G and 5G mobile network. This is a huge milestone for TCS, and we have commenced the supply, planning, design, installation and commissioning, and optimisation of this mobile network,

satisfying a detailed set of requirements conforming to 3GPP standards and the roll-out will be completed in about 18 months,” said N Ganapathy Subramaniam, Chief Operating Officer and Executive Director.

TCS ends Work from Home

TCS announced it has asked its 6.14 lakh-plus employees to work from offices, ending the practice of remote working that started due to the pandemic.

The company — the first major IT services firms to announce such a move — has asked its workforce to return to offices because of the need to deepen the value systems and a belief in productivity gains coming from co-working, TCS Chief Human Resources Officer Milind Lakkad told reporters.