3.22% Dividend Yield: HCL Tech Sets Record Date For 4th Interim Dividend For FY24

After rising more than 8% in the previous five trading days and reaching a new high of Rs 1,497 per share on Friday, HCL Technologies' stock entered a privileged group of companies with a market capitalization of Rs 4.04 trillion. In Friday's intraday trading, HCL Tech's market capitalization crossed Rs 4.04 trillion for the first time as the firm announced the record date for its fourth interim dividend for FY24. The company's Board of Directors will convene on January 12, 2024, to discuss the Q3FY24 results and the dividend.

HCL Technologies News

"We would like to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on January 12, 2024 to consider amongst others: 1) Un-audited Financial Results of the Company for the quarter and nine months ending December 31, 2023. 2) Payment of 4th Interim dividend for the financial year 2023-24. The Record Date for determining the entitlement of shareholders for payment of the aforesaid interim dividend shall be January 20, 2024, subject to the approval of the interim dividend by the Board of Directors," said the IT giant in a regulatory filing on Friday, 15th December.

HCL Technologies Dividend Yield

HCL Technologies has announced an equity dividend of Rs 48 per share, or 2400.00%, at a face value of Rs 2 for the financial year ended in March 2023. This translates into a dividend yield of 3.22% at the current share price of Rs 1492.40. The company has a strong dividend history and has paid out dividends on a regular basis over the previous five years. Based on information from Trendlyne, HCL Technologies Ltd. has issued 87 dividends since September 25, 2000.

HCL Technologies Financials

Consolidated net profit for the IT services firm increased by 10% YoY to Rs 3,832 crore during the second quarter (Q2FY24), which ended on September 30, 2023. A year prior, HCL Tech reported a net profit of Rs 3,489 crore for the same quarter. The corporation with its headquarters in Noida announced a spike in consolidated sales of 8% to Rs 26,672 crore for Q2FY24. In Q2FY23, it was Rs 24,686 crore. EBIT for HCL Tech was recorded at Rs 4,919 crore, with an EBIT margin of 18.4% for the said quarter. HCL Tech has downgraded its forecast for FY24 revenue growth to 4-5% YoY and its guidance for FY24 services revenue to 4.5-5.5% YoY. The company has decided to stick with its FY24 EBIT margin target of 18-19%.