TCS third quarter net profit has risen by 12 per centIndia's biggest IT services company, Tata Consultancy Provider posted a 12 per cent increase in its net revenue for the December quarter of the current financial at Rs 9,769 crore, against Rs 8,701 crore taped throughout the corresponding duration of last year.The business's revenue from operations also rose 16 per cent to Rs 48,885 crore in the 3rd quarter of the current fiscal.
It was Rs 42,015 crore in the very same period last year.In addition to this, in a perk for the company's investors, TCS' board has actually likewise authorized buyback of shares worth Rs18,000 crore.
The Board of Directors at its conference held has actually authorized a proposal to buy-back approximately 4,00,00,000 equity shares of the business for an aggregate quantity not exceeding Rs 18,000 crore being 1.08 percent of the total paid up equity share capital at 4,500 per equity share subject to approval from shareholders, TCS stated in a filing.The buyback will be performed at a premium of Rs 643 from the present share price.TCS board has also declared interim dividend of Rs 7 per equity share.