TCS Declares 900% Interim Dividend: Check Payment & Record Date

IT Giant Tata Consultancy Services (TCS) on Wednesday declared an interim dividend of 900% for FY 23-24 while announcing its Q1FY24 results. TCS said its Board of Directors have declared an interim dividend of 900% or Rs 9 per equity share of Rs 1 each of the company. In order to determine the eligibility of the shareholders for the purpose of the same, TCS has fixed 20/07/2023 as the record date and 07/08/2023 as the dividend payment date.

TCS Dividend Yield

Tata Consultancy Services has announced an equity dividend of 11500% at a face value of Rs 1, or Rs 115 per share, for the financial year ended March 2023 or FY23. The dividend yield at the current share price of Rs 3260.20 is 3.51%. The company has a solid track record of dividend declarations during the past five years. Tata Consultancy Services Ltd. has issued 80 dividends since October 28, 2004, according to Trendlyne statistics.

TCS Q1FY24 Result

TCS on Wednesday reported that its consolidated profit after tax (PAT) grew by 16.84% YoY to Rs 11,074 Cr in Q1FY24 compared to a net PAT of Rs 9, 478 Cr recorded in Q1FY23. The IT giant said its revenue from operations stood at Rs 59,381 Cr in June 2023 quarter, up by 12.5% YoY from Rs 59,162 Cr in the same quarter of FY23. The company's operating margin dropped sequentially from 24.5% in Q4FY23 to 23.2% in Q1FY24, while its consolidated total income for the quarter ended in June climbed 13.5% YoY to Rs 60,778 crore.

TCS reported a workforce of 615,318 as of June 30th, a net addition of 523 for the quarter, a minor drop from the net addition of 821 employees during the previous quarter. The top IT services provider in India saw a decrease in attrition rates over the past twelve months, from 20.1 per cent to 17.8 per cent. On a net basis, it added 22,600 workers in FY23 as compared to 1.03 lakh in FY22. TCS recorded a net rise of 14,136 employees on its payroll during the same quarter last year.

"The workforce continues to be very diverse, comprising 154 nationalities and with women making up 35.8% of the base," said TCS in a statement on Wednesday. TCS reported constant currency revenue growth of 7% YoY while its operating margin grew by 23.2% YoY in Q1FY24. The company reported a net income of Rs 11,074 up by 16.8% YoY while its net margin stood at 18.6%. TCS said in a statement that its "IT services attrition dipped further in Q1 and was at 17.8% for the last twelve months."

TCS Share Price

On Wednesday, the shares of TCS closed on the BSE at Rs 3260.20 apiece down by 0.36% from the previous close of Rs 3271.85. The stock made a 52-week-high of Rs 3,575.00 on (16/02/2023) and a 52-week-low of Rs 2,926.00 on (26/09/2022).

TCS Share Price Target

Commenting on the stock price outlook post Q1 numbers, A R Ramachandran, Co-founder & Trainer - Tips2trades said "Despite expectations of poor Q1FY24 results, barring a slight drop in operating margins, TCS results are average with strong YoY growth in net profit. Technically, a Daily close above resistance of 3295 could lead to a strong uptrend till 3490 in the near term. Support will be at 3214."

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