TCS Fixes Record Date For 4300% Final Dividend For FY23

IT giant Tata Consultancy Services (TCS), announced a final dividend for FY23 of Rs 24 per equity share. TCS paid out three interim dividends to shareholders in FY23 prior to the final payout. The most recent dividends were a special dividend of Rs 67 per share and an interim dividend of Rs 8 per share, both of which were paid in January 2023. At Rs 8 per equity share, the first interim dividend was paid in July 2022. In October of previous year, a dividend of Rs 8 per share dividend was declared as the second interim. When accounting for the three interim dividends, the corporation paid an equity dividend totaling 9,100% in FY23, or Rs 91 per share. TCS paid a total dividend of 4300% in FY22 independently amounting to Rs 43 per equity share. TCS said that in FY23, dividend payments to shareholders were over Rs 45,602 crore.

On account of the final dividend of FY23, TCS said in a stock exchange filing that "the Directors have recommended a Final Dividend of Rs 24 per Equity Share of Rs 1 each of the Company which shall be paid/dispatched on the fourth day from the conclusion of the 28th Annual General Meeting, subject to approval of the shareholders of the Company."

In order to determine the eligibility of the shareholders for the purpose of payment of above final dividend, TCS said "Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and the Share Transfer Books of the Company will be closed as hereunder for the purpose of payment of the dividend for the financial year ended March 31, 2023, subject to deduction of tax at source, if approved by the Members at the AGM," in a stock exchange filing.
For the purpose of the 37th AGM and payment of dividend as may be declared by the Members at the AGM, Monday, June 26, 2023 has been fixed as record date informed TCS to stock exchanges.

TCS reported consolidated PAT of Rs 11,392 crore in Q4FY23, up 14.8% YoY while its revenue from operations increased by 16.9% YoY to Rs 59,162 crore. Operating profit, or EBIT, climbed by 1.4 percent in the quarter ended March 2023 to Rs 14,448 crore, with a 24.5 percent EBIT margin. TCS paid a dividend for the quarter of Rs. 24. This brought the whole fiscal year's total dividend to Rs. 115 the highest ever in a FY.

On Tuesday's closing session, TCS shares closed on the NSE at Rs 3,237 apiece down by 1.58% from the previous close of Rs 3,288.90.