HCL Tech Q1 2024 Quarterly Results Date and Time: Check Preview, Expectations, Dividend Announcement and Record Date

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HCL Tech Q1 2024 Quarterly Results Date and Time, Preview: HCL Technologies will release its quarterly results for the April-June (Q1FY24) period on Wednesday (July 12). The Noida-based company is also likely to announce a dividend for its shareholders. The company has already set the record date for the dividend payment.

HCL Tech will declare results after market hours. In addition to HCL Tech, TCS is also expected to release its results for the first three months of fiscal year 24.

“…the Company’s board of directors will be held on Wednesday, July 12, 2023 to review…the Company’s unaudited financial results for the quarter ended June 30, 2023,” a filing read.

HCL Tech Dividend 2023 Record Date

The company has already set the record date for determining the legitimacy of shareholders to pay the second down payment.

“The Record Date for the determination of the legitimacy of the shareholders to pay the aforementioned interim dividend will be 20 July 2023, subject to approval of the interim dividend by the Board of Directors”, reads the deed.

HCL Tech Q1 FY24 preview

According to domestic brokerage Sharekhan, the first quarter is likely to be tepid due to the fallout from a weak demand environment given the continuity of weak macroeconomics. Margins are expected to remain under pressure due to wage hikes and weak revenue growth.

HCL Tech, Sharekhan said, is expected to post a net profit of Rs 3,816 crore in the first quarter, down 4.1% qoq and up 16.2% year on year. In Q1FY23, the company had recorded a net profit of Rs 3,282 crore.

The company’s net sales in Q1FY24 are pegged at Rs 25,929 crore, down 2.5% QoQ and up 10.5% YoY. The company’s operating margin is expected to expand 19 basis points to 22.2% sequentially.

HCL Tech Expected to Report a 1.1% QoQ Decline in CC with a Likely 40 Basis Point Cross-Currency Lead Resulting in a Reported USD Revenue Decline of 1.5% QoQ . EBIT margin expected to marginally decline by 5 bps QoQ.

HDFC Securities said the IT sector is expected to have a muted first quarter impacted by slower deal pipeline conversion leading to a volume impact in a seasonally strong quarter.

He said that within Tier 1 IT, sequential growth will be led by HCL Tech. The company is expected to maintain its growth forecast for FY24.

The brokerage sees HCL Tech report PAT in the first quarter of fiscal year 24 at Rs 37.73 billion, which translates into a decrease of 5.3% QoQ and an increase of 8.1% QoQ annual. Net sales for the quarter are expected to be $3,280 million, up 1.4% qoq and 6.4% year over year. In terms of rupees, sales are estimated at Rs 269.63 million, up 1.3% qoq and 9.2% year on year. The company’s EBIT margin is pegged at 18%, down 22 bps qoq and up 2 bps year over year.

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