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Business News/ Markets / TCS announces interim dividend of 9 per share; here are details of ex-dividend, record, payment dates
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TCS announces interim dividend of ₹9 per share; here are details of ex-dividend, record, payment dates

IT giant TCS has declared an interim dividend of ₹9 per share, which is 900% above the face value, for fiscal year 2023. The dividend will be paid on August 7, 2023. TCS reported a net profit of ?11,074 crore for Q1 FY24, up nearly 14% YoY, with revenue of ?59,381 crore, up 12% YoY.

The interim dividend shall be paid on Monday, August 7, 2023, 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, July 20, 2023, which is the Record Date, fixed for the purpose. Premium
The interim dividend shall be paid on Monday, August 7, 2023, 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, July 20, 2023, which is the Record Date, fixed for the purpose.

Tata Consultancy Services (TCS) on Wednesday announced its interim dividend of 9 per equity share which is 900 per cent above the face value for fiscal FY23. The announcement was done alongside the first quarterly results for FY24, where TCS posted double-digit growth in both bottom-line and top-line front on a year-on-year basis. Coming to dividend benefits, TCS fixed July 20 as the record date, while the payout will be done on Monday, August 7, 2023.

In its regulatory filing, TCS said, “We would like to inform you that at the Board Meeting held today, the Directors have declared an interim dividend of 9 per Equity Share of 1 each of the Company."

It added that the interim dividend shall be paid on Monday, August 7, 2023, 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, July 20, 2023, which is the Record Date, fixed for the purpose.

That means, TCS shares will turn ex-dividend on July 20, same as the record date.

TCS kickstarted the first quarter earnings season for FY24. TCS' net profit for the first quarter rose by nearly 14% to 11,074 crore as against 9,478 crore in the year-ago quarter.

The IT giant's revenue came in at 59,381 crore, up 12% YoY, while the growth was over 7% YoY in constant currency (cc). Operating Margin at 23.2%; an expansion of 0.1% YoY. Net Cash from Operations at 11,353 crore ie 102.5% of Net Income.

At the current share price, this results in a dividend yield of 1.47%, according to data by Trendlyne. In the financial year FY23, the company paid a total dividend of a breathtaking 11,500% aggregating to 115 per share.

K Krithivasan, Chief Executive Officer and Managing Director, said: “It is very satisfying to start the new fiscal year with a string of marquee deal wins. We remain confident in the longer-term demand for our services, driven by the emergence of newer technologies. We are investing early in building capabilities at scale on these new technologies, and in research and innovation, so we can maximize our participation in these opportunities."

The company has a strong track record of distributing dividends to its shareholders. The stock had hit a 52-week high of 3,575 and a 52-week low of 2,926.

The share price of TCS slipped today ahead of the choppy day on Dalal Street despite good results. Shares of TCS closed 0.36% down to settle at 3,260.20 per share on the BSE on Wednesday

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Published: 12 Jul 2023, 04:46 PM IST
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