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Shares of HCL Technologies plunged more than a per cent to 890 apiece on the BSE in Tuesday's opening deals as the IT stock started ex-dividend, a day ahead of its record date for interim dividend which it announced last week alongside its first quarter earnings for the current fiscal.

HCL Tech's board has declared an interim dividend of 10 per equity share having a face value of 2 each for the financial year 2022-23 (FY23). The company had said that the record date has been fixed on Wednesday, July 20, 2022, for the payment of the aforesaid interim dividend and has been confirmed by the board of directors and the payment date of the said interim dividend shall be Tuesday, August 2, 2022. The ex-dividend date for a stock is generally a business day before the record date of declaring eligible shareholders for the payout.

HCL Tech had paid a total dividend of 42 per equity share for the fiscal FY22. A dividend means the distribution of profits by a listed company to its shareholders.

The IT services company reported an over 2% year-on-year (YoY) rise in its consolidated net profit for the three months ended June 2022 at 3,283 crore. However, the company’s net profit was down 8.6% quarter-to-quarter (QoQ).

The revenue of the Noida-headquartered firm stood at 23,464 crore, nearly 17% higher than the year-ago period. Meanwhile, the company’s dollar revenue for the June quarter grew 15.6% annually in constant currency to $3.02 billion, boosted by new deal wins and acceleration in clients’ digital agenda.

HCL Technologies Ltd has maintained its 12-14% revenue growth guidance in constant currency for FY23 on the back of strong demand for digital transformation in key markets. The company also left its earnings before interest and taxes (EBIT) margin guidance unchanged at 18-20%. HCL Tech CEO and Managing Director C Vijayakumar asserted that the company is focused on profitable growth and sustaining industry-leading performance.

Headquartered in Noida, India, HCL Technologies is an Indian multinational IT services and consulting company. The IT stock is down about 33% in 2022 (YTD) so far as compared to an 8% fall in benchmark Sensex.

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