Mumbai, India – October 1, 2023: India’s leading IT services company, Tata Consultancy Services (TCS), is gearing up to unveil its financial results for the second quarter ending on September 30, 2023, on October 11. The announcement comes amid a backdrop of uncertainty in the IT industry as global spending slows down.
In a recent filing, TCS also revealed its intention to consider the declaration of a second interim dividend for the financial year 2023-24. The company’s Board of Directors is scheduled to meet on October 11 to approve the audited condensed standalone and consolidated financial results and discuss the dividend proposal.
The record date for the second interim dividend has been set for October 19. If approved, the dividend will be distributed to equity shareholders whose names are listed on the company’s register of members or in the records of depositories as beneficial owners of the shares as of the record date.
On the day or a day before the record date, TCS shares are expected to trade ex-dividend, meaning that they will not carry the value of the upcoming dividend payment. The ex-dividend date also determines which shareholders are eligible to receive the dividend.
In the previous year, TCS distributed an equity dividend of Rs 116 per share, resulting in a dividend yield of 3.29%. The company’s financial performance in the first quarter of the current fiscal year showed a 17% year-on-year increase in consolidated net profit, reaching Rs 11,074 crore, with consolidated revenue growing by 13% year-on-year to Rs 59,381 crore.
TCS’s financial results for Q2 2023 will be closely watched as the company navigates a challenging economic environment. The IT giant faces similar headwinds as its peers, with clients reducing their spending amid global economic uncertainties.
Accenture, a significant competitor in the IT services sector, recently projected modest revenue growth guidance of 2-5% in constant currency terms for the fiscal year 2023-24, with a weak first half expected.
Investors and industry analysts will be eagerly awaiting TCS’s Q2 2023 results for insights into the company’s performance and its ability to navigate the evolving IT landscape.
TCS, on October 1st, 2023 is trading at Rs. 3525 with a marketcap of Rs. 12.92LCr.
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