"The Board of Directors has declared an interim dividend of Rs 10 per equity share of Rs 2 each of the company for the Financial Year 2023-24," the company said in a filing.
The company has fixed July 20 as the record date for the same and the dividend will be paid on August 1.
Shares of HCL Tech will likely trade ex-dividend on the day or a day before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.
In the last one-year period, HCL Tech has paid a dividend of 48 per share, which results in a dividend yield of 4.32%.
The Noida-based IT company's net profit rose 8% year-on-year to Rs 3,534 crore for the quarter ended June, which is lower than the ET Now poll estimate of Rs 3,792 crore.
Meanwhile, consolidated revenue grew 12% YoY to Rs 26,296 crore. The company has retained its guidance of 6-8% constant currency revenue growth for FY24, and operating margin at 18-19%.
In constant currency terms, revenue in the June quarter fell 1.3% sequentially, while grew 6.3% YoY. The company bagged 18 large deals in the quarter, with the total deal wins worth $1.6 billion.
On Wednesday, ahead of the results, the company's shares closed 0.76% lower at Rs 1,106.40 on NSE. On a year-to-date basis, the stock is up about 7%.
According to Trendlyne data, HCL Technologies has an average target price of Rs 1,170 and the consensus estimate represents an upside of 5.36% from the current levels.
HCL Tech announces interim dividend of Rs 10 per share, fixes July 20 as record date - The Economic Times
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