HCL Tech Q3 results: Board approves interim dividend of Rs12 per share: The board of directors of HCL Tech on Friday, January 12 declared an interim dividend of ₹12 at ₹2 per equity share for FY24. The Indian IT major reported 13.5% sequential growth in its net profit. ₹4,350 crore during the October-December quarter of the current financial year.
The record date for payment of an interim dividend has been fixed as January 20, 2024. Whereas, the final payment will be made on January 31, 2022.
“The Board of Directors has declared an interim dividend of Rs 12 on each equity share of Rs 2 of the company for the financial year 2023-24. The record date of January 20, 2024, fixed for payment of the above interim dividend has been confirmed by the Board of Directors. The payment date of the said interim dividend will be January 31, 2024,” the company said in its stock filing.
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India's third-largest IT services company reported a substantial 13.5% growth in its consolidated net profit attributable to shareholders to reach ₹4,350 crore in Q3 FY24, compared to ₹3,832 crore in Q2FY24. The company's quarterly revenue also saw a strong growth of 6.65% QoQ, reaching ₹28,446 crore, exceeding market expectations.
Beating forecasts, HCL Tech's profit after tax (PAT) for the October-December quarter of the current financial year outperformed at ₹4,350 crore, surpassing the estimated 11% growth. The company's consolidated net profit saw a growth of 6.2% from ₹4,096 crore in the same period last year, while consolidated revenue from operations grew 6.5% year-on-year to ₹26,700 crore in Q3FY23.
In constant currency (CC) terms, HCL Tech saw 6% sequential and 4.3% YoY growth in revenue to $3,415 million. Operating margin increased significantly by 19.8% to ₹5,615 crore, showing an improvement of 140 basis points QoQ. Net income also saw a strong growth of 13.8% QoQ and 7.4% YoY, reaching ₹4,350 crore.
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