TCS announces dividend for its investors

A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.

New Delhi: Tata Consultancy Services has announced an interim dividend of Rs 7 and a special dividend of Rs 67 per share for its investors.
“We would like to inform you that at the Board Meeting held today, the Directors have declared a third interim dividend of Rs8 and a special dividend of Rs67 per Equity Share of Rs1 each of the Company,” TCS said in a stock exchange filing.

A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.

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The third interim dividend and the special dividend shall be paid on February 3, 2023, to the company’s shareholders, whose names appear on the Register of Members of the Company or in the Depositories’ records as beneficial owners of the shares.

The record date fixed for the purpose is January 17, 2023. The record date is for the purpose of ascertaining the eligibility of shareholders for payment of the dividend.

Meanwhile, IT services firm on Monday reported 10.98 per cent surge in its consolidated net profit to Rs 10,883 crore for the quarter that ended December 2022 (Q3FY23). The company had posted a profit of Rs 9,806 crore in the year-ago period.

TCS reported a 19.1 per cent year-on-year growth in its revenue for the quarter that ended in December 2022. The software giant said net income grew 11 per cent to Rs 10,846 crore during the December quarter whereas its net margin was at 18.6 per cent.

Rajesh Gopinathan, the CEO and managing director, said, “We are pleased with our strong growth in a seasonally weak quarter, driven by cloud services, market share gains through vendor consolidation, and continued momentum in North America and UK.” “The sustained strength of demand for our services is a validation of the value we provide to our clients in helping them differentiate themselves, while enhancing their competitiveness.

Looking ahead, and beyond current uncertainties, our longer-term growth outlook remains robust.” TCS also said a 35.7 per cent of its total workforce were women and were of 153 nationalities.