HCLTech Makes Important Change To Q3 Dividend Announcement
HCLTechnologies has made an important change in the record date for its Q3 dividend payout, the company confirmed through an exchange filing late Monday. The IT giant had initially put January 16 as the record date for the interim dividend payout of Rs 12 per equity share.
However, in light of the late Monday confirmation from the stock exchanges about January 15 being a trading holiday due to BMC elections, HCLTech has delayed its record date by a day. Therefore, the new record date for HCLTech’s Q3 interim dividend is January 17, while the amount will be paid to them on January 27, as per the company’s exchange filing.
Q3 Results: Net Profit Down 3.8%
The IT firm also announced the third quarter results for the current financial year, reporting a consolidated sequential net profit of Rs 4,082 crore, down 3.8% from the previous quarter’s Rs 4,236 crore, missing the estimate of Rs 4,702 crore from analysts tracked by Bloomberg.
The company’s revenue was up 6% at Rs 33,872 crore, versus Rs 31,942 crore, beating the estimate of Rs 33,201 crore. EBIT was up 14.2% at Rs 6,285 crore, versus Rs 5,502 crore, while the EBIT margin was at 18.6%, versus 17.2%.
Stock Performance: Shares Close 0.34% Higher
Shares of HCLTech closed 0.34% higher at Rs 1,155.9 apiece on the NSE, compared to a 0.42% rise in the benchmark Nifty. The stock has fallen 16.18% in the last 12 months.
Out of the 47 analysts tracking the company, 23 have a ‘buy’ rating on the stock, 17 recommend ‘hold’, and seven suggest ‘sell’, according to Bloomberg data. The average of 12-month analysts’ price target implies a potential upside of 2.0%.
What This Means for Investors
For investors looking to invest in HCLTech, this update provides important information about the company’s dividend payout and financial performance. The change in record date may affect the timing of the dividend payout, and investors should take note of the new record date and payout details.
In addition, the company’s Q3 results provide insight into its financial performance and growth prospects. The decline in net profit may be a concern for investors, but the increase in revenue and EBIT margin may be seen as positive signs.
Market Outlook: Nifty and Sensex
The Indian stock market, including the Nifty today and Sensex news, is closely watched by investors and traders. The market’s performance can be affected by various factors, including corporate earnings, economic data, and global events.
Investors looking to stay ahead of the market can follow Indian stock market news and analysis, including updates on Q1 results and other market-moving events.
Conclusion
In conclusion, HCLTech’s update on its Q3 dividend payout and financial performance provides important information for investors. The change in record date and payout details, as well as the company’s Q3 results, should be carefully considered by investors looking to invest in the Indian stock market.
