HCL Tech announces interim dividend of Rs 18/share

Software major HCL Technologies Ltd’s board announced an interim dividend of Rs 18/share.

“The record date of April 28, 2023, 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 May 9, 2023,” the company said in a release.

With this, the total dividend payout in FY23 stands at Rs 48. The company today reported a consolidated net profit of Rs 3,983 crore for the quarter ended March. This is an increase of 11% from Rs 3,593 crore clocked in the corresponding period of last year.

Revenue from operations rose 18% to Rs 26,606 crore for the fourth quarter under review, compared with Rs 22,597 crore in the same period last year.

For FY24, HCL Tech has guided for a revenue growth of 6-8% YoY in constant currency terms, and an operating margin of 18-19%.

The revenue growth guidance is better than that given by peer Infosys. "We have delivered a stellar performance in FY23, crossing Rs 1 lakh crore of revenue powered by industry-leading services growth of 16%. Our pipeline is near an all-time high, which reflects our differentiated business mix and strong client demand for our offerings," said C Vijaykumar CEO and MD, HCL Technologies.

Ahead of the earnings, shares of HCL Tech ended 0.1% down at Rs 1,037.50 on the National Stock Exchange. Year-to-date, the stock has fared better than peers Infosys and Tata Consultancy Services.

So far in 2023, HCL Tech stock has lost 0.2% against Infosys which has given 19% negative returns. TCS stock has given negative returns of nearly 5% year-to-date.

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