BENGALURU: The country’s largest IT services company Tata Consultancy Services (TCS) will consider the buyback of equity shares on October 11. It will be announcing the second quarterly results on the same day. In its BSE filing on Friday, the company announced that the Board of Directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on October 11, 2023.
Earlier in 2022, TCS bought back shares worth Rs 18,000 crore at Rs 4,500 apiece. In 2020, the company announced share buyback to the tune of Rs 16,000 crore at Rs 3,000 per share. TCS had approved a proposal to buy back up to over 5.3 crore equity shares. In October 2022, Infosys completed its Rs 9,300 crore share buyback plan at Rs 1,850, which was a premium of 30%. Another IT company Wipro completed its Rs 12,000 crore share buyback earlier this year.
As per analysts, TCS is expected to outperform its tier-1 peers and it will deliver sequential growth both in profit after tax and revenues. In the first quarter, TCS reported a 16.8% YoY increase in consolidated net profit at Rs 11,074 crore. Its revenue for the first quarter stood at Rs 59,381 crore, a 12.6% increase compared to Rs 52,758 crore in the same quarter last year.