TCS Q3 net profit rises 7% to Rs 8,701 crore

Bengaluru: IT major Tata Consultancy Services (TCS) on Friday reported a 7 per cent increase in its net profit for the quarter ending 31 December, 2020, at Rs 8,701 crore as against Rs 8,118 crore in the year-ago period. The company announced interim dividend of ₹6 per share.

On Friday, the company's scrip on BSE closed nearly 3 per cent lower at Rs 3,120.35.

"Growing demand for core transformation services and strong revenue conversion from earlier deals have driven a powerful momentum that helped us overcome seasonal headwinds and post one of our best performances in a December quarter," said TCS Chief Executive Officer and Managing Director Rajesh Gopinathan.

"We are entering the New Year on an optimistic note, our market position stronger than ever before, and our confidence reinforced by the continued strength in our order book and deal pipeline," he added. Tata Sons tendered shares worth Rs 9,997 crore of Tata Consultancy Services during the IT major's Rs 16,000 crore-buyback offer that concluded recently.

The single largest shareholder of TCS, Tata Sons tendered more than 3.33 crore shares during the offer, according to a regulatory filing.