HCL Tech announces third interim dividend of ₹12 per share — check payment date details

IT services major HCL Tech on Thursday (October 12) declared its third interim dividend of ₹12 per equity share along with its financial results for the quarter ending September 30, 2023.

"The Board of Directors has declared an Interim Dividend of Rs.12/- per equity share of Rs.2/- each of the Company for the Financial Year 2023-24," the company said in a filing.

HCL Tech had earlier fixed October 20 as the record date for determining the entitlement of the shareholders for the payment of the third dividend. "The Record date of October 20, 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 October 31, 2023," the filing showed.

Earlier on Thursday, Infosys also declared an interim dividend of ₹18 per equity share for the financial year 2023-24. The record date for the same has been fixed on October 25, 2023.

Meanwhile, HCL Technologies's consolidated net profit rose 10% year-on-year (YoY) to ₹3,832 crore for the second quarter (Q2FY24) ended September 30, 2023. HCL Tech had posted a net profit of ₹3,489 crore in the same period a year ago.

The dividend is a percentage of earnings paid out to shareholders. Before Thursday's dividend declaration of ₹12, HCL Tech had already twice paid a dividend totalling ₹28 in the current financial year.

For the year ending March 2023, HCL Technologies declared an equity dividend of 2400% amounting to ₹48 per share. At the current share price of Rs 1,218.65, this translates into a dividend yield of 3.94%. The company has a good dividend track report and has consistently declared dividends for the last five years.