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IT major Tata Consultancy Services on Wednesday reported a year-on-year rise of 12.3 per cent in its consolidated net profit for the third quarter of FY22.

Its net profit for the quarter under review rose to Rs 9,769 crore from Rs 8,701 crore for Q3FY21.

The company's consolidated revenue during the period under review rose by 16.3 per cent YoY to Rs 48,885 crore from Rs 42,015 crore.

Chief Executive Officer and Managing Director Rajesh Gopinathan said: "Our continued growth momentum is a validation of our collaborative, inside-out approach to our customers' business transformation needs.

"Customers love our engagement model, our end-to-end capability, and our can-do approach to problem solving. While mapping out their innovation and growth journeys, we are also helping them execute new-age operating model transformations to support those journeys."

Additionally, the board approved a share buyback worth Rs 18,000 crore at Rs 4,500 per share.