Dividend stock 2024: HCL Tech share in focus as stock trades ex-dividend today

Dividend stock 2024: HCL Technologies Ltd. is expected to be in the spotlight on October 22, Tuesday, as its stock will trade ex-dividend. The company had declared an interim dividend of ₹12 per equity share with a face value of ₹2, for the financial year 2024-25. This interim dividend, approved by the board on October 14, 2024, is scheduled for payment on October 30, 2024, to shareholders who were on record by the ex-dividend date​, the company announced in an exchange filing.

HCL Tech share price closed in the red, down 0.79 per cent at ₹1842.50, on Monday, October 21 on BSE. The company enjoys a market capitalisation of ₹4,99,992.79 crore.

HCL Tech's financial performance

This announcement came alongside the release of HCL’s financial results for the quarter and half-year ending September 30, 2024. The company posted consolidated revenues of ₹56,919 crore for the six-month period, up from ₹52,968 crore during the same period in 2023, reflecting steady growth​. Other income for the half-year also showed a notable increase, at ₹1,559 crore compared to ₹709 crore in the previous year​.

On the expenses front, employee benefits accounted for ₹32,933 crore, an increase from ₹30,267 crore in the same period last year. Depreciation and amortisation costs were ₹2,005 crore, while other expenses totalled ₹3,640 crore. Despite these higher costs, HCL Tech’s profit before tax stood at ₹11,394 crore for the half-year, compared to ₹9,824 crore in the previous year​, as per the filing.

The company's net profit for the six months amounted to ₹8,496 crore, up from ₹7,364 crore in the previous year, showcasing HCL's robust performance in a competitive sector​​. HCL also recorded strong segment revenues, with IT and Business Services contributing ₹42,449 crore, and Engineering and R&D services generating ₹9,000 crore​.

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