TCS did very well in the morning session, opening 2% higher at Rs.3934 and going up further to Rs.3944, not too far from its 52-week high of Rs.3990.
The company posted a steady performance for Q3FY22, with net profit rising 1.5% (QoQ) at Rs.9769 crore on a revenue of Rs.48,885 crore. This was very much in line with most estimates and thus there was no disappointment.
TCS margins fell 60 basis points (bps) to 25% on a sequential basis as lower employee costs were offset by higher subcontracting and higher travel/pass-through costs.
The company declared a third interim dividend of Rs.7/share. The company also a buyback to the tune of Rs.18,000 crore. It will repurchase 4 crore shares, or 1.08% of the total paid-up equity, at Rs 4,500 apiece, which is at a 16.58% over yesterday’s closing price.