BackHCL Tech turns ex-dividend today: Payment and other details here
HCL Technologies declared an interim dividend of ₹10/- per equity share for the Financial Year 2022-23
PremiumAlong with its third quarter earnings ended December 2022 for the current fiscal (Q3FY23), IT major HCL Technologies Ltd's board of directors also announced the declaration of an interim dividend of ₹10/- per equity share of ₹2/- each of the company for the Financial Year 2022-23.
The record date for the same is Friday, January 20, 2023, which fixed for the payment of the aforesaid interim dividend has been confirmed by the Board of Directors. The Payment date of the said interim dividend shall be February 1, 2023. The IT stock will start trading ex-dividend on Thursday, January 19, a day ahead of the record date.
In the past 12 months, HCL Technologies has declared an equity dividend amounting to ₹48 per share. At the current share price, this results in a dividend yield of 4.32%, as per data by Trendlyne.
HCL Tech reported a 19% increase in the consolidated net income to ₹4,096 crore for the third quarter ended December 31, 2022 driven by growth in services revenue. It had posted a net income of ₹3,442 crore a year ago. The consolidated revenue grew by 19.56% to ₹26,700 crore during the reported quarter from ₹22,331 crore in the December 2021 quarter.
It narrowed current fiscal growth guidance in the range of 13.5-14 per cent for the overall revenue in constant currency terms and margin to 18-18.5 per cent. The company had increased guidance in the last quarter from 12 to 14 per cent to 13.5-14.5 per cent.
Meanwhile, the company won 17 large deals during the December 2022 quarter, including 7 in services and 10 in the software segment. The new deal wins' total contract value during the quarter increased by 10% year-on-year to $2,347 million.
“HCL Tech's 3Q results were ahead of estimates led by higher-than-expected revenue growth in software business. Services segment witnessed growth moderation due to impact of furloughs. Deal bookings remained steady, however net hiring moderated and implied guidance for 4Q is soft. While we raise our estimates by 2-3% to factor the beat, we see limited upside amidst rising demand uncertainty," said global brokerage Jefferies.
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