HCL Tech declares interim dividend of Rs18/ share

21 Apr 2023 , 07:42 AM

The board of software giant HCL Technologies Ltd. declared an interim dividend of Rs18 per share.

‘The board of directors has approved the record date of April 28, 2023, set for the payment of the aforementioned interim dividend. The indicated interim dividend would be paid on May 9, 2023, the business stated in a release.

As a result, the total dividend payment for FY23 is Rs48. For the quarter that ended in March, the business today disclosed a consolidated net profit of Rs3,983 crore. This represents an increase of 11% over the Rs3,593 crore recorded during the same time last year.

In comparison to the same period last year, operating revenue increased 18% to Rs26,606 crore for the fourth quarter under review.

HCL Tech has predicted a 6-8% YoY increase in sales in constant currency for FY24 and an operating margin of 18–19%.

The forecast for revenue growth is more favorable than that of Infosys, a competitor. ‘We performed brilliantly in FY23, surpassing Rs1 lakh crore in sales, driven by an industry-leading 16% growth in services. According to C Vijaykumar, CEO and MD of HCL Technologies, who talked to ET, ‘Our pipeline is close to an all-time high, reflecting our differentiated business mix and robust client demand for our products.

Shares of HCL Tech closed the day on the National Stock Exchange down 0.1% at Rs1,037.50 ahead of the earnings. The stock has performed better than its rivals Infosys and Tata Consultancy Services so far this year.

HCL Tech’s stock has fallen 0.2% so far in 2023, while Infosys has experienced a 19% decline in returns. Nearly 5% of the TCS stock’s returns so far this year have been negative.

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