Tata Consultancy Services (TCS) announced its April-June quarter results today. Kicking off the earning sseason on a goo dnote, TCS on Tuesday reported a net profit of Rs 7,340 crore. TCS said its total income from operations stood at Rs 34,261 crore.
Tata Consultancy Services (TCS) announced its April-June quarter results today. Kicking off the earning sseason on a goo dnote, TCS on Tuesday reported a net profit of Rs 7,340 crore. TCS said its total income from operations stood at Rs 34,261 crore.
In a filing to stock exchange BSE, TCS said its growth in the North America business was the highest in 12 quarters.
"We are starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. Our Banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum. With a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand, we are positioned well for the future," CEO and MD Rajesh Gopinathan said.
Meanwhile, shares of Tata Consultancy Services ended nearly 1 per cent lower ahead of its June quarter earnings to be announced later in the day.
The stock fell by 0.56 per cent to close at Rs 1,877 on BSE. During the day, it lost 0.79 per cent to Rs 1,872.60.
At NSE, shares of the company fell by 0.36 per cent to end at Rs 1,876.05.
In terms of equity volume, 4.33 lakh shares of the company were traded on BSE and over 53 lakh shares changed hands at NSE during the day.
Earlier in June, TCS informed its board has approved share buyback of up to Rs 16,000 crore.
The buyback, at Rs 2,100 per equity share, entails up to 7.61 crore shares or 1.99 per cent of the total paid up equity share capital.
"...Board of Directors of the company at its meeting held today...has approved a proposal to buyback up to 7.61 crore equity shares...of the company for an aggregate amount not exceeding Rs 16,000 crore...," TCS said in a regulatory filing.
During its Q4 FY2018 earnings call, TCS CEO Rajesh Gopinathan had said the company's intention is "to keep capital return close to 80-100 per cent of annual free cash flow".
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 "Q1 earnings: TCS reports net profit of 7,340 Crore, beats expectations")
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