TCS to declare Q1 results, interim dividend on 12 July, fixes record date; here's how IT-giant's earning will look like

livemint.com:

Tata Consultancy Services (TCS) will be announcing its first quarter results for the financial year FY24 on July 12, 2023. The second largest firm in terms of market share, will also declare interim dividend for the fiscal on the same day.

However, the tech player has fixed July 20 as the record date for determining eligible shareholders. In June 2023 quarter, wage hike is likely to impact TCS' EBIT margins, while TCV is likely to be flattish after deal with BSNL.

In its regulatory filing, TCS said, "We hereby inform you that a meeting of the Board of Directors of Tata Consultancy Services Limited is scheduled to be held on Wednesday, July 12, 2023, inter alia to: - approve and take on record the audited standalone financial results of the Company under Indian Accounting Standards (Ind AS) for the quarter ending June 30, 2023; - approve and take on record the audited consolidated financial results of the Company and its subsidiaries under Ind AS for the quarter ending June 30, 2023; and - consider the declaration of an interim dividend to the equity shareholders. Further, TCS added, "The interim dividend, if declared, shall be paid to the equity shareholders of the Company whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Thursday, July 20, 2023, which is the Record Date fixed for the purpose." Most likely TCS' shares will trade ex-dividend on July 20 as well, the same as the record date due to the 'T+1' settlement type.

There are also media reports that say TCS may announce buyback plan on July 12 as well. Brokerage Jefferies said TCS may announce a share buyback proposal, with its quarterly results, as reported by The Economic