HCLTech Q4 net profit falls, declares dividend at Rs18 per share

HCL Technologies Ltd. has announced an interim dividend of Rs 18 per equity share for the financial year 2024. The record date has been set as May 7, while the dividend will be paid on May 15, the company announced through an exchange filing on Friday.

The company paid Rs 12 as an interim dividend in January. It also paid Rs 12 and Rs 10 in October and July, respectively. Total dividend for the financial year will be Rs 52 per share, which means that the company is distributing Rs 14,111 crore to shareholders.

In comparison, HCLTech paid a total dividend of Rs 48 per share in FY23, which is higher than the Rs 44 per share paid in financial year 2022.

Growth remained muted in the final quarter of fiscal 2024, primarily on account of weak discretionary spending.

Revenue of India’s fourth largest IT services company rose 0.2% over the previous three months to Rs 28,499 crore in the quarter-ended March 31, 2024, according to an exchange filing on Friday. That compares with the Rs 28,557.3-crore consensus estimate of analysts tracked by Bloomberg.

HCLTech Q4 FY24 Highlights (QoQ)

• Revenue up 0.2% at Rs 28,499 crore (Bloomberg estimate: Rs 28,557.3 crore).
• EBIT down 11% at Rs 5,024 crore (Estimate: Rs 5,265.9 crore).
• EBIT margin at 17.62% versus 19.84% (Estimate: 18.42%).
• Net profit down 8.2% at Rs 3,995 crore (Estimate: Rs 4,123.1 crore).

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