The firm had posted a profit of Rs 8,118 crore in the same quarter last year (Q3FY20). Copyrights © 2021 Business Standard Private Ltd. All rights reserved. We believe in free, fair and credible journalism. We are entering the new year on an optimistic note, our market position stronger than ever before, and our confidence reinforced by the continued strength in our order book and deal pipeline," said Rajesh Gopinathan, Chief Executive Officer and Managing Director, TCS. Strong Demand Drives TCS Q3 Growth Momentum. IT major Tata Consultancy Services on Friday posted a 7.18 per cent year-on-year (YoY) rise in its December quarter (Q3FY21) profit at Rs 8,701 crore. This and our strong balance sheet position us very strongly to seize the opportunities that the current market offers, and more closely partner our customers in their growth and transformation journeys," said V Ramakrishnan, Chief Financial Officer of TCS. New Delhi  Geography-wise, sequential growth was led by North America (+3.3 per cent), India (+18.1 per cent), UK (+4.5 per cent), and Continental Europe (+2.5 per cent). TCS has been returning cash to shareholders consistently … The company provided EPS guidance of $0.35-0.40 for the period, compared to the consensus estimate of $0.21. Updated: 17 Jan 2020, 04:34 PM IST Edited By Surajit Dasgupta. It is a strong endorsement of our resilience, way of working and the relative competitiveness of our products and services. A meeting of the Board of Directors of Tata Consultancy Services Limited is scheduled to be held on Friday, January 8, 2021, to inter alia: To approve and take on record the audited financial results of the Company under Indian Accounting Standards (Ind AS) for the quarter and nine months ending December 31, 2020. The company announced interim dividend of ₹6 per share for which the record date is 16 January and payment date is 3 February. The September quarter net profit had a post-tax one-time impact of Rs 958 crore due to provision for ongoing litigation with EPIC, the company said in a press release. This is the strongest December quarter growth in nine years, TCS said. Mumbai: India’s largest IT services exporter Tata Consultancy Services (TCS) reported a 7.18% YoY jump in net profits during the third quarter (Q3) for the financial year 2020-21 (FY21).TCS Q3 FY21 net rose to Rs 8,701 crore as compared to Rs 8,118 crore in the year-ago period. (PRNewsFoto/Tata Consultancy Services) (PRNewsfoto/Tata Consultancy Services) Highlights of the Quarter Ended December 31 , 2020 Revenue at $5.702 Bn , + 5.1 % QoQ, +2.1% YoY Strong Demand Drives TCS Q3 Growth Momentum [January 08, 2021] Strong Demand Drives TCS Q3 Growth Momentum. Kindly visit the Manage my subscription page to discover the benefits of this programme. TCS Q3 profit jumps 7% YoY to Rs 8,701 cr, announces dividend at Rs 6/share Business Standard | 56 mins ago IT major Tata Consultancy Services on Friday posted a 7.18 per cent year-on-year (YoY) rise in its December quarter (Q3FY21) profit at Rs 8,701 crore. Log in to our website to save your bookmarks. We also had an all-time high cash conversion in Q3. Imp. S&P 500 3,726.86 (+0.71%) TCS has declared a third interim dividend of Rs 6 per equity share, which will be paid on February 3, 2021. TCS Q3 profit jumps 7% YoY to Rs 8,701 cr, announces dividend at Rs 6/share On quarter-on-quarter (QoQ) basis, the profit grew 16.4 er cent from Rs 7,475 crore posted for the quarter ended September 2020. We celebrated the accomplishment of our Enterprise Agile by 2020 vision during the quarter, and with SBWS™, we have a well-oiled location-independent execution model that brings in the resources just in time, efficient execution, and machine-led delivery governance that are delighting our customers. UPDATE – TCS will release the result for Quarter 4 on 16th April 2020 after 3:00 PM. The analyst firm set a price target for 10.00 expecting TCS to rise to within 12 months (a possible 7.53% upside). You are now subscribed to our newsletters. It'll just take a moment. Copyright © HT Digital Streams Limited All rights reserved. Support quality journalism and subscribe to Business Standard. Friday, January 8, 2021. Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". "Growing demand for core transformation services and strong revenue conversion from earlier deals have driven a powerful momentum that helped us overcome seasonal headwinds and post one of our best performances in a December quarter. The latest price target for . TCS Q3: Revenues rose to ₹ 39,854 crore TCS Q3 results: Net profit rises to ₹ 8,118 crore 1 min read. Segment-wise revenue distribution All verticals showed good sequential revenue growth, led by Manufacturing (+7.1%), BFSI (+2%), Life Sciences and Healthcare (+5.2%), Communications & Media (+5.5%) and Retotil otnd CPG (+3.1%), the company said. NEW YORK and MUMBAI, India, Jan. 8, 2021 /PRNewswire/ -- Tata Consultancy Services (BSE: 532540, NSE: TCS), the leading global IT services, consulting and business solutions organization, reported its consolidated financial results according to Ind AS and IFRS, for the quarter ending December 31, 2020. Commenting on the Q3 performance, Rajesh Gopinathan, Chief Executive Officer and Managing Director of the company said: "Growing demand for core transformation services and strong revenue conversion from earlier deals have driven a powerful momentum that helped us overcome seasonal headwinds and post one of our best performances in a December quarter. The company's revenue rose 5% to ₹42,015 crore from ₹39,854 crore in the corresponding period last fiscal, it added. The Enjoy Reading! Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. TCS' consolidated headcount stood at 469,261 as of December 31, 2020 while its IT services attrition rate (LTM) was at 7.6 per cent, its lowest ever. This is the strongest December quarter growth in nine years, TCS said TCS Q3 net profit rises 7% to ₹ 8,701 cr; announces interim dividend of ₹ 6 … Click here to read the Mint ePaperMint is now on Telegram. TCS Dividend Payment Details. We, however, have a request. Other markets grew as well, with and Asia Pacific growing +2.6 per cent, MEA +6.7 per cent, and Latin America +3.1 per cent, the company said in a press release. TCS incorporated a wholly-owned subsidiary, Tata Consultancy Services Ireland Limited in Ireland on 2 December 2020 and liquidated CMC Americas Inc. on 16 December 2020. On a YoY, constant currency basis, Life Sciences and Healthcare continued to grow in double digits at 18.2%. Tata Consultancy Services Limited has informed the Exchange regarding a press release dated December 23, 2020, titled "TCS Honored with CII Industrial IP Award 2020 for Best Patents Portfolio". It further announced interim dividend of ₹6 per equity share as results beat analysts' estimates. No Result . TCS has recently announced acquisitions such as of the IT unit of Deutsche Bank AG and Pramerica Systems, a unit of Prudential Financial Inc., which could help it expand into new areas. View All Result . Ans. ($1 = … ICICI Direct, for instance, had projected a 5.7 per cent YoY jump in PAT. Nirmal Bang Institutional Equities had expected TCS to deliver CC revenue growth of 4 per cent QoQ and dollar revenue growth of 4.5 per cent QoQ. New Delhi: IT major Tata Consultancy Services (TCS) on Friday reported 7% increase in net profit for the quarter ending 31 December, 2020 at ₹8,701 crore as against ₹8,118 crore in the year-ago period. "Strong growth across all our verticals, and operational benefits from our SBWS model allowed us to post the highest operating margin in the last five years, even after rolling out a salary increase this quarter. Oops! The company benefited from greater demand for its cloud services during the Covid-19 pandemic. Tata Consultancy Services. Inside The Race To Save The Only Woman On Federal Death Row; America in 2021: Racial Progress in … The Tata Group firm said it has fixed January 16 as the record date to determine the eligible shareholders. Dividend Summary For the year ending March 2020 Tata Consultancy Services has declared … TCS said on December 31, 2020, that the Third Interim Dividend, if declared, shall be paid to the equity shareholders of the Company whose names appear on … Cloud is enabling a new class of boundaryless organizations, that can seamlessly partner and collaborate within larger ecosystems to create innovative purpose-driven offerings to customers. Looks like you have exceeded the limit to bookmark the image. Team Business Standard, Last Updated at January 8, 2021 18:56 IST, TCS Q3 profit jumps 7% YoY to Rs 8,701 cr, announces dividend at Rs 6/share, Myntra Designs revenue up 58% to Rs 1,719 crore, losses increase by 38%, TVS Motor Company's domestic two-wheeler sales grow 30% in November, Surprise amid pandemic: Firms across sectors beat Q2 earnings expectations, Dewan Housing's second quarter net loss narrows to Rs 2,122 crore, Siemens Sept quarter profit slips 5% to Rs 333 cr on higher expenses, Fino Payments Bank registers profit for the third straight quarter, Leaders and laggards: Sectors that did well in Q2, and those that didn't, ONGC Q2 net profit down 55% at Rs 2,878 cr due to lower crude oil price, Indiabulls Real Estate posts Rs 76 cr net loss in September quarter, TCS Q3 preview: Cloud adoption, large deal wins may lift profit by 8% YoY, IT shares in rally; Tech Mahindra's m-cap tops Rs 1-trillion; Wipro up 5%, TCS Q2 PAT down 7% YoY at Rs 7,475 cr; announces Rs 16,000 crore buyback, TCS m-cap nears Rs 12 trillion mark; stock rallies over 8% in 3 days, TCS to roll out salary hikes for all employees, effective October 1, Access Exclusive content - articles, features & opinion pieces, Weekly Industry/Genre specific newsletters - Choose multiple industries/genres, Access to 17 plus years of content archives, Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box, End of day news alerts on 5 companies (via email). Remove some to bookmark this image. TCS, the parent company of Tinkoff Bank, said it expected net income to be at least 42 billion roubles in 2020 and announced an interim dividend payout of $0.25 per share. IT major Tata Consultancy Services (TCS) today announced further interim dividend of Rs 6 per equity share along with posting better than expected financial . We are entering the new year on an optimistic note, our market position stronger than ever before, and our confidence reinforced by the continued strength in our order book and deal pipeline." "Our Q3 growth is a very satisfactory outcome of our ability to leverage the proactive investments made to capture the strong demand and be meaningful to our clients. Tata Consultancy Services (TCS) on Friday reported a 7.2% growth in its latest quarterly profit, deriving the country’s largest IT services exporter’s strongest growth in nine years. TCS has scheduled a board meeting on … Breaking News. Container Store Group (NYSE: TCS) was reported by Goldman Sachs on 2020-11-09. Topics Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. This is more than ET Now poll of analysts which pegged the same at Rs 8,600 crore. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. - Q4 2020 U.S. common dividend increases were $13.9 billion, up from $8.4 billion in Q3 2020, $6.7 billion in Q2 2020, and $12.0 billion in Q4 2019. 1 2 IT major Tata Consultancy Services (TCS) on Friday reported 7.17% increase in net profit for the quarter ending 31 December, 2020 (Q3) at ₹8,701 crore as against ₹8,118 crore in Q3 in 2019. The number beat Street estimate which was factoring-in a 3-8 per cent year-on-year (YoY) growth in Q3 net profit. TCS said over 5.33 crore equity shares were bought back under the offer at a price of ₹3,000 apiece and out of the total, Tata Sons' 3,33,25,118 shares were accepted under the buyback offer. The single largest shareholder of TCS, Tata Sons tendered more than 3.33 crore shares during the offer, according to a regulatory filing. TCS' revenue stood at Rs 39,854 crore in the corresponding quarter last year and Rs 40,135 crore in the preceding quarter of FY21. The Mumbai-based company said revenue from the banking and finance industries, its top revenue contributor, jumped 7.6% year-over-year to ₹16,655 crore in the December-quarter. On Friday, the company's scrip on BSE closed nearly 3% higher at ₹3,120.35. Tata Consultancy Services Ltd, India’s leading IT services company, reported its best ever growth for the December quarter in nine. Last Updated at January 8, 2021 18:56 IST. What is the TCS Net Worth 2020? In dollar terms, revenue grew at 5.1 per cent sequentially from $ 5.424 billion reported in Q2FY21. On the operational front, its earnings before interest and tax (EBIT) grew by 6.4 per cent sequentially to Rs 11,184 crore and the operating margin for Q3 grew 1.6 per cent YoY and 0.4 per cent QoQ to 26.6 per cent. Your session has expired, please login again. This boundaryless value creation, supported by the seamless fabric of technology enabled by cloud together the seamless fabric of talent enabled by our SBWS™, will redefine industry after industry over the longer term. Moreover, it is a direct beneficiary of the persistent market share loss of key players such as Capgemini and Cognizant," the brokerage had said in an earnings preview note. Digital Editor. document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); The company's revenue came in at Rs 42,015 crore, up 5.42 per cent YoY and 4.68 per cent QoQ. The Container Store Group (NYSE:TCS) updated its third quarter earnings guidance. Q3. - Q4 2020 U.S. common dividends … Analysts at an ET NOW poll had projected a profit figure at Rs 8,600 crore. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Our intimate knowledge of our customers' business contexts, our strong relationships across ecosystems, and our continued investments in research and innovation make us their preferred partner in their growth and transformation journeys," he added. TCS will be the first company in the sector to present its Q3 result compared to peers Infosys and Wipro. Further, TCS announced third interm dividend of Rs 6 per share. "Being the market leader, TCS will be a key beneficiary of core transformation, higher cloud adoption and digital adoption. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. All these augur well to progress our 25x25 future of work vision," said N Ganapathy Subramaniam, Chief Operating Officer & Executive Director, TCS. TCS — India’s largest software services company — on Friday reported 7.17 per cent on-year rise in the consolidated net profit to Rs 8,727 crore for the third quarter ended December 31, 2020. Join Mint channel in your Telegram and stay updated with the latest business news. Jio launches facility to answer landline calls on mobile phones. This is the strongest December quarter growth in nine years, TCS said. Meanwhile, the net margin for the quarter under review stood at 20.7 per cent. The Board will recommend the share of final Dividend in their 25th Annual General Meeting. Deutsche Bank to pay $100 million to avoid bribery charge, Flipkart, Swiggy reject all allegations of tax evasion, Sebi bans Mountain View Developers and three people for six months, 'Growing demand for core transformation services and strong revenue conversion from earlier deals have driven a powerful momentum that helped us overcome seasonal headwinds,' says TCS CMD. IT major Tata Consultancy Services on Friday posted a 7.18 per cent year-on-year (YoY) rise in its December quarter (Q3FY21) profit at Rs 8,701 crore. 2 analyst firms have reported ratings in the last year. The stock rose 32.4 percent in 2020 and 15 percent during the quarter ended December 2020. The firm said it was the strongest third quarter growth in 9 years. Your support through more subscriptions can help us practise the journalism to which we are committed. TCS reported the net profit of Rs 8,118 crore in Q3. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. In case you can’t find any email from our side, please check the spam folder. Russia's TCS Group, which owns Tinkoff Bank, reported a 30% rise in third-quarter net profit on Thursday and reinstated its pre-pandemic financial forecast for the full year. Its shares are up 38% over the past year, outperforming the Sensex’s 19% climb. "Looking beyond the immediate business growth opportunity, we are tremendously excited by what lies ahead. Home; Biz. BFSI (+2.4%) and Technology & Services (+2.4%) also moved into positive territory, it added. CLICK HERE TO READ ANALYSTS' EXPECTATIONS. TCS will be distributing a 1:1 bonus issue of equity shares. Tata Consultancy Services | Q3 results | Markets, SI Reporter  |  Earlier this week, Tata Sons tendered shares worth ₹9,997 crore of Tata Consultancy Services during the IT major's ₹16,000 crore-buyback offer. On quarter-on-quarter (QoQ) basis, the profit grew 16.4 per cent from Rs 7,475 crore posted for the quarter ended September 2020 (Q2FY21). The revenue rose by 4.1 per cent QoQ and 0.4 per cent YoY in constant currency terms. TCS said its aboard has approved payment of an interim dividend of Rs 12 per share for the financial year 2019-20. NEW DELHI: Tata Consultancy Services, India's largest IT exporter in terms of revenues, on Friday said its profit rose 7.18 per cent YoY to Rs 8,701 crore in December quarter compared with Rs 8,118 crore in the corresponding quarter last year. 3-8 per cent by Goldman Sachs on 2020-11-09 of Rs 8,118 crore in the quarter... You of the launch of `` business Standard is happy to inform you of the launch of `` business is! 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