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Tata Consultancy Services (TCS) has reported a 5.4% quarter-on-quarter decline in net profit to Rs 12,075 crore for July-September, largely on account of a one-time severance payout of Rs 1,135 crore. On-year, net profit was up 1.4%. India’s largest software services firm laid off 1%, or 6,000, of its around 600,000-strong workforce during the quarter as part of its plans to reduce its headcount by 2% in this financial year. Its workforce declined by 19,755 on a net basis in July-September, likely its largest quarterly decline, to 593,314…
