IT major Tata Consultancy Services (TCS) today announced further interim dividend of Rs 6 per equity share for Q3 FY21.
The development comes when the firm posted better than expected financial results for fiscal third quarter.
Financial Result
The company reported 7.17 per cent on-year rise in the consolidated net profit to Rs 8,727 crore for the third quarter ended December 31, 2020.
It had posted a net profit of Rs 7,504 crore in the second quarter.
The company’s revenue grew 5 per cent on-year to Rs 42,706 crore for third quarter of the current fiscal from Rs 40,672 crore in the corresponding quarter of the previous year.
Date for dividend
The company said the record date is 16 January and payment date is 3 February 2021 to the equity shareholders of the company.
Comment from CEO and MD
Rajesh Gopinathan, “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.
Cloud is enabling a new class of boundaryless organizations, that can seamlessly partner and collaborate within larger ecosystems to create innovative purpose-driven offerings to customers.”—Financialexpress.
Comment from COO
“Our Q3 growth is a very satisfactory outcome of our ability to leverage the proactive investments made to capture the strong demand and be meaningful to our clients.
It is a strong endorsement of our resilience, way of working and the relative competitiveness of our products and services.
We celebrated the accomplishment of our Enterprise Agile by 2020 vision during the quarter, and with SBWS™, we have a well-oiled location-independent execution model that brings in the resources just in time, efficient execution, and machine-led delivery governance that are delighting our customers.
All these augur well to progress our 25×25 future of work vision.” —MINT.
Stock Market Impact
Today, TCS share price rallied 3% ahead of the results announcement to Rs 3122 per share.
On Friday, the company’s scrip on BSE closed nearly 3% higher at ₹3,120.35. Its shares are up 38% over the past year, outperforming the Sensex’s 19% climb.
Similar event in past
TCS had announced an interim dividend of Rs 5 per equity share in the first quarter, and Rs 12 per equity share in the second quarter.
It has so far announced interim dividends of Rs 23 per equity share so far.
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