TCS to consider interim dividend along with Q2 results on October 11, fixes record date
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The Board will also consider paying an interim dividend to investors for the financial year 2023-24.
“A meeting of the Board of Directors of Tata Consultancy Services is scheduled on October 11 to approve and take on record the audited condensed standalone and consolidated financial results of the company and consider declaration of second interim dividend to the equity shareholders,” the company said in a filing.
The record date for the second interim dividend is fixed as October 19.
The dividend, if declared, will be paid 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 record date.
Shares of TCS will likely trade ex-dividend on the day or a day before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.
In the last one year, TCS has declared an equity dividend amounting to Rs 116 per share, resulting in a dividend yield of 3.29%.A cloud of uncertainty is hovering over Indian IT companies in the current fiscal as clients cut down on spending amid a slowing global environment.
Recently, Accenture, a key peer of Indian IT services companies, projected a modest FY24 revenue growth guidance of 2-5% in CC terms, with a weak first half.
In the first quarter, TCS reported a 17% year-on-year (YoY) rise in consolidated net profit at Rs 11,074 crore. Consolidated revenue increased 13% YoY to Rs 59,381 crore.
On Friday, TCS shares closed 0.33% lower at Rs 3525 on NSE.
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