The board has declared an interim dividend of Rs 12 per equity share for the financial year 2023-24. The record date has been fixed as October 20 and the payment will be done on October 31
The continued impact of cuts in discretionary tech spending is likely to continue to weigh on HCL Tech’s second quarter results. However, a favourable business mix is likely to boost revenue.
HCL Tech Q2: Kotak Institutional Equities said net new deal wins could be at a historical high, aided by the Verizon deal. It said EBIT margin is likely to improve 60 basis points sequentially, primarily aided by operational efficiencies.
Both the revenue and profit were above analysts average estimate of 24,382 crore and 3,418 crore, respectively. Further, the board of directors have approved a dividend of Rs 10 per share. In an unexpected move, the company raised its revenue growth guidance for FY23. HCL Tech now sees 13.5-14.5 per cent growth in revenue in constant currency, against 12-14 per cent projected earlier.