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TCS Q2 profit grows 6.7% to Rs 7,475 crore QoQ, announces Rs 16,000-crore share buyback

Adjusted profit growth was strong at 20.3 percent to Rs 8,433 crore (excluding legal claim provisions) led by revenue growth and margin expansion.

October 08, 2020 / 03:40 PM IST

Tata Consultancy Services, the largest IT services company in India, on October 7 reported a profit after tax of Rs 7,475 crore for the quarter ended September 2020, registering a 6.7 percent sequential growth, with a share buyback of up to Rs 16,000 crore and deal wins of $8.6 billion.

The bottomline was impacted by the provision of Rs 1,218 crore in the EPIC Systems Corporation legal case, but adjusted profit growth was strong at 20.3 percent to Rs 8,433 crore (excluding legal claim provisions) led by revenue growth and margin expansion.

"On August 20, 2020, the US Court of Appeals, 7th Circuit, Chicago, returned a verdict on the appeal filed by TCS, reducing the damages award. The Court held that the punitive damages award of $280 million is constitutionally excessive, vacated the punitive damages award and directed the Trial Court to reassess the punitive damages. The Court upheld the compensatory damages award of $140 million," TCS had said earlier.


Also read: TCS Q2 beat street estimates; 8 key points of quarterly scorecard