How TCS rolled out salary increments for all employees from October
TCS rolls out salary increments from OctoberImage source: Sakal Media Group

How TCS rolled out salary increments for all employees from October

Tata Consultancy Services (TCS), hired close to 16,000 people in the September quarter

India’s IT services giant, Tata Consultancy Services (TCS), hired close to 16,000 people in the September quarter (Q2) and will roll out salary hike from October, said Chief Executive Officer Rajesh Gopinathan. This comes after the IT company reported one of its best performances for the quarter ended September 2020.

IT services attrition rate hits an all-time low at 8.9 per cent, it said.

Tata Consultancy Services (TCS) on Wednesday reported a 7.05 per cent decline in its consolidated profit for the quarter ended September on a year-on-year (YoY) basis.

The profit attributable to the shareholders of the company during the July-September quarter of the current financial year (2020-21) was Rs 7,475 crore, compared to Rs 8,042 crore reported during the corresponding period of the previous financial year, the company said in a regulatory filing.

Revenue of the company, however, increased nearly 3 per cent to Rs 40,135 crore during the period under review on a YoY basis. The company declared an interim dividend of Rs 12 per equity share of Rs 1 each of the company.

Its board on Wednesday also approved the proposal to buyback over 5.33 crore equity shares for up to Rs 16,000 crore. The buyback price would be Rs 3,000 per share. Further, as V Ramakrishnan, the Chief Financial Officer would be retiring from the services of the company, effective April 30, 2021, the Board of Directors has appointed Samir Seksaria as Chief Financial Officer designate, who would take over as the CFO, effective May 1, 2021.

The Board of Tata Consultancy Services (TCS) on Wednesday approved the proposal to buyback over 5.33 crore equity shares for up to Rs 16,000 crore.

The buyback price would be Rs 3,000 per share, the company said in a regulatory filing. "The Board of Directors of the company at its meeting held today has approved a proposal to buyback up to 5,33,33,333 equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, being 1.42 per cent of the total paid-up equity share capital, at Rs 3,000 per equity share," it said.

(With inputs from IANS)

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