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    TCS   INE467B01029

TATA CONSULTANCY SERVICES LTD.

(TCS)
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India's TCS plans up to $2.2 billion buyback as legal costs hit profit

10/07/2020 | 10:46am EDT
A private security guard stands at the exit gate of the headquarters of TCS in Mumbai

BENGALURU (Reuters) - Tata Consultancy Services said on Wednesday it would buy back shares worth up to 160 billion rupees ($2.18 billion), and reported a fall in quarterly profit as it set aside 12.18 billion rupees to cover legal fees related to a U.S. lawsuit.

The company also named Samir Seksaria as its chief financial officer, choosing the over two-decade veteran of India's top software exporter to replace V. Ramakrishnan who will retire in April next year.

TCS said it would buy back up to 53.3 million shares at 3,000 rupees per share, a 9.7% premium to its stock's closing price on Wednesday.

"The timing of the buyback has been partly triggered due to the ongoing feud between Tata and the Mistry group (Shapoorji Pallonji group), with the Mistry group looking to exit its Tata Sons holdings," said Jyoti Roy, an analyst at Angel Broking.

The Shapoorji Pallonji group, which has an 18% stake in TCS parent Tata Sons, recently said "a separation from the Tata Group is necessary".

A surge in TCS shares on Monday after it disclosed it would consider a buyback helped its market value cross 10 trillion rupees, making it the second Indian firm to achieve the milestone after Mukesh Ambani's Reliance Industries.

Smaller rival Wipro Ltd has also said its board would consider a share buyback at a scheduled meeting on Oct. 13.

Revenue at TCS' banking, financial services and insurance unit rose 4.6% to 161.38 billion rupees in the three months ended September. Total revenue rose 3% to 401.35 billion rupees.

Consolidated net profit fell to 74.75 billion rupees, from 80.42 billion rupees a year earlier, missing analysts' estimates of 78.05 billion rupees, according to Refinitiv data.

($1 = 73.2437 Indian rupees)

(Reporting by Philip George in Bengaluru; Editing by Arun Koyyur and Aditya Soni)

By Philip George


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
RELIANCE INDUSTRIES LTD 0.45% 2225.65 Delayed Quote.11.60%
TATA CONSULTANCY SERVICES LTD. -0.62% 3297.3 Delayed Quote.15.89%
WIPRO LIMITED -1.57% 550.1 End-of-day quote.42.42%
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Financials
Sales 2022 1 898 B 25 599 M 25 599 M
Net income 2022 398 B 5 364 M 5 364 M
Net cash 2022 421 B 5 679 M 5 679 M
P/E ratio 2022 30,8x
Yield 2022 2,33%
Capitalization 12 197 B 164 B 165 B
EV / Sales 2022 6,20x
EV / Sales 2023 5,50x
Nbr of Employees 488 649
Free-Float 27,8%
Chart TATA CONSULTANCY SERVICES LTD.
Duration : Period :
Tata Consultancy Services Ltd. Technical Analysis Chart | TCS | INE467B01029 | MarketScreener
Technical analysis trends TATA CONSULTANCY SERVICES LTD.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 37
Average target price 3 436,89 INR
Last Close Price 3 297,30 INR
Spread / Highest target 26,8%
Spread / Average Target 4,23%
Spread / Lowest Target -39,3%
EPS Revisions
Managers and Directors
NameTitle
Rajesh Gopinathan CEO, MD & Non-Independent Executive Director
Samir Seksaria Chief Financial Officer
Natarajan Chandrasekaran Non-Executive Chairman
K. Ananth Krishnan Chief Technology Officer
N. Ganapathy Subramaniam COO & Non-Independent Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
TATA CONSULTANCY SERVICES LTD.15.89%165 346
ACCENTURE PLC9.02%181 013
INTERNATIONAL BUSINESS MACHINES CORPORATION15.67%130 097
INFOSYS LIMITED19.07%85 535
AUTOMATIC DATA PROCESSING, INC.11.94%84 040
SNOWFLAKE INC.-12.75%72 708