Tata Consultancy Services : 2Q Net Profit Fell, Approves Buyback

By Mauro Orru

Tata Consultancy Services Ltd. said Wednesday that its second-quarter net profit fell from a year earlier and approved a share buyback program.

The Indian information-technology services provider said net profit for the quarter ended Sept. 30 fell to 74.75 billion Indian rupees ($1.02 billion) from INR80.42 billion a year earlier, missing estimates of INR79.21 billion from a FactSet poll of analysts.

Second-quarter revenue increased to INR401.35 billion from INR389.77 billion a year earlier, exceeding FactSet estimates of INR391.71 billion.

The company also said its board of directors backed proposals to buy back shares for a maximum of INR160 billion.

The board also declared a second interim dividend of INR12 per share to be paid out on Nov. 3.

Write to Mauro Orru at [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

10-07-20 0949ET