Tata Consultancy Services (TCS) experienced a notable surge of almost 4% after revealing its fiscal third-quarter results on January 11. The IT giant reported a 1.96% year-on-year (YoY) increase in consolidated net profit, reaching Rs 11,097 crore for the December quarter, despite a one-time charge of Rs 958 crore ($125 million) for the settlement of a legal claim.
In conjunction with the financial results, TCS declared a special dividend of Rs 18 per share and an interim dividend of Rs 9 per share for the fiscal year 2024. This adds to the earlier dividends of Rs 9 per share announced in the first and second quarters of FY24. The total dividend declared for FY24 now stands at Rs 45 per share.
For the current fiscal year, TCS is set to pay approximately Rs 16,456 crore in dividends, following payouts of Rs 33,306 crore in FY23, Rs 7,686 crore in FY22, and Rs 8,510 crore in FY21.
Moreover, TCS has consistently announced buybacks, with the latest being a Rs 17,000 crore buyback in FY23. Since 2017, the company has declared a total of five buybacks, including the inaugural offer of Rs 16,000 crore in 2017, two Rs 16,000 crore buybacks in June 2018 and October 2020, and the most recent one in January 2022, amounting to Rs 18,000 crore.
As of 9:37 am, TCS shares continued to climb, trading 3.59% higher at ₹3,869.80.
