TCS Declares 2nd Interim Dividend Of Rs 9 Per Share; Know Ex-Dividend, Record, Payment Dates Here

Traders are in for a treat as one of the major dividend-paying companies, Tata Consultancy Services (TCS) is back with yet another reward for shareholders. On Wednesday, TCS recommended a second interim dividend of Rs 9 per share for the financial year 2023-24. The announcement was made in a board meeting held for the September 2023 quarterly earnings report.

As per the regulatory filing, TCS' board of directors have declared a second interim dividend of Rs 9 per share having a face value of Re 1 for each of the company.

For the second interim dividend, TCS has already fixed October 19, 2023 as the record date to determine eligible shareholders.

TCS said, The second interim dividend, if declared, shall be paid to the equity shareholders of the Company whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Thursday, October 19, 2023, which is the Record Date fixed for the purpose."

That being said, TCS will also trade ex-dividend on October 19.

The company plans to pay the second interim dividend on Tuesday, November 7, 2023.

Earlier, for FY24, TCS paid the first interim dividend to the tune of 900% amounting to Rs 9 per share. TCS is among the dividend king stocks in the IT sector and holds a strong track record of paying dividends to its investors from the profitability of the respective financial years. In FY23, TCS paid an eye-bulging 11,500% totaling to Rs 115 per share.In general terms, dividends are distributed also in a certain proportion by listed companies from their net profits earned in a respective financial year. The record date is proposed by the listed company's board of directors to determine the name of the eligible shareholders for dividends.

As per BSE FAQs, to be eligible to receive dividends, investors have to have shares in the Demat account by record date. Meanwhile, the ex-dividend date is the day when the price of the equity share of the listed company gets adjusted for the dividend payout.

In the September quarter of FY24, TCS posted a consolidated net profit of Rs 11,342 crore, which is attributable to the shareholders of the company. The Q2FY24 PAT witnessed single-digit growths of 2.4% QoQ and 8.7% YoY. Further, in the quarter, consolidated revenue from operations stood at Rs 59,692 crore, rising by a fractional 0.5% from Rs 59,381 crore in Q1FY24, but witnessed a growth of 7.9% from Rs 55,309 crore in Q2 of FY23.

In the quarter, TCS's order book stood at $11.2 billion, with a book-to-bill ratio of 1.6. Also, TCS has a strong GenAI-Ready workforce to the tune of more than 100,000 consultants.

TCS is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for over 55 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.