Tata Consultancy Services Ltd (TCS) shares surged nearly 1.5% to Rs 3914.75 on BSE at 9:20 am after reporting strong Q3 results and shares buyback plans.

India’s largest IT services business and second most valued enterprise, posted a consolidated net profit of Rs 9,769 crore for the quarter ended December 2021 (Q3FY22), representing a 12.3% year-on-year (YoY) increase on January 12.

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In the same quarter last year, the business declared a consolidated profit after tax (PAT) of Rs 8,701 crore. PAT was Rs 9,624 crore in the September quarter.

Its consolidated revenue was at Rs 48,885 crore during the September-December period, up 16.4% from the year-ago quarter, with sustained double-digit growth across business verticals, supported by strong contract wins and an increase in corporate digital expenditure.

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USD revenue for the quarter was $6,524 million, up 14.4% year on year and 3% quarter on quarter.

Revenue growth in constant currency terms was 15.4% year on year and 4% sequentially.

Consolidated revenue was Rs 42,015 crore in the year-ago quarter and Rs 46,867 crore in the September quarter.

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The company added 58 clients in the USD 100 million+ bucket (+10 YoY) and 118 clients in the USD 50 million+ bucket (+21 YoY) to its client roster.

Total Contract Value (TCV) increased by 12% in Q3FY22 to USD 7.6 billion from USD 6.8 billion in Q3FY21. TCV is now valued at USD 23.3 billion for the fiscal year to date.

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On a net basis, the corporation added 28,238 people, bringing the total number of employees to 556,986 as of December 31, 2021. In Q3, it reached a new milestone in its diversity journey when the number of women in its workforce surpassed 200,000.

The quarterly attrition rate (LTM) was 15.3%, up from 11.9% in the second quarter of the current fiscal year.

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The company’s board of directors authorized a share buyback worth Rs 18,000 crore at Rs 4,500 per share.

The business has declared an interim dividend of Rs 7.0 per share, with a payment date of February 7, 2022, and a record date of January 7, 2022.