IT services giant Tata Consultancy Services (TCS) reported an 8.7 per cent year-over-year rise in net profit for quarter ended September 30. The company said in its filing that the net profit for the period stood at Rs 11,342 crore, higher than the profit of Rs 10,431 crore recorded in same period last year.
In the first quarter of FY24, the company had recorded a net profit of 11,074 crore. As per the results, the company has witnessed a substantial rise in its consolidated total income in Q2, which stood at Rs 60,698 crore. In Q2 FY23, it was recorded at Rs 56,274 crore.
In the second quarter, the company also saw a sequential decline in expenses as compared to the previous quarter. As per the data, total expenses declined to Rs 45,368 crore from Rs 45,789 crore in Q1.
The company also informed that the board of directors has approved the second share buyback plan. It said in its filing, "We would like to inform you that at the Board Meeting held today, the Directors have declared second interim dividend of Rs 9 per equity share of Rs 1 each of the company."
The company added that the second dividend payment will be made on November 7. The record date for the scheme has been set on October 19. Equity shareholders whose name would appear as beneficial owners on or before the record date would be considered for the payment.
TCS shares closed 0.44 per cent lower than their previous close today.