TCS Q2 Update: Tata Consultancy Services (TCS) announced on Monday, September 30, that it will conduct its board meeting on Thursday, October 10, 2024, to consider its July-September quarter results for current fiscal 2024-25 (Q2FY25). India's largest information technology (IT) services provider will also consider its second interim dividend for FY25 on the same day.
TCS also said that if it considers its second interim dividend for FY25 while releasing the second quarter results, the dividend will be paid to the company's equity shareholders. The record date for the payment of the dividend for the share beneficiaries is fixed as Friday, October 18, 2024.
"A meeting of the board of directors of TCS is scheduled to be held on Thursday, October 10, 2024, inter alia to:
i. Approve and take on record the audited condensed standalone financial results of the Company under Indian Accounting Standards (Ind AS) for the quarter and six-month period ending September 30, 2024;
ii. Approve and take on record the audited condensed consolidated financial results of the Company and its subsidiaries under Ind AS for the quarter and six-month period ending September 30, 2024; and
iii. Consider declaration of second interim dividend to the equity shareholders.
The second 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 of Friday, October 18, 2024, which is the Record Date fixed for the purpose," said TCS in a regulatory filing to the stock exchanges.
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In the April-June quarter of FY25, the quarterly revenue for TCS grew 1.9 per cent over the March quarter to $7.5 billion. Excluding the June quarter of FY21—which was impacted by worldwide lockdowns as a consequence of COVID-19—TCS grew at an average of 1.6 per cent sequentially in each of the past five June quarters.
TCS's India business earned $563 million in quarterly revenue, up 62 per cent year-on-year (YoY) in constant currency terms. The constant currency does not take currency fluctuations into account. At least half of TCS’s $142 million sequential revenue growth came from India.
On headcount terms, TCS hired 11,000 freshers during the June quarter, and ended the period with a net addition of 5,452 employees. The comes after the previous fiscal year saw one of the worst headcount declines—both for TCS as well as the entire industry—in the past two decades.
TCS has declared 85 dividends since October 28, 2004. In the past 12 months, TCS has declared an equity dividend amounting to ₹74.00 per share. At the current share price of ₹42,68.5000, TCS's dividend yield is 1.73 per cent. TCS shares last traded ex-dividend on July 19, 2024 and the record date for the purpose was set as July 20. On Monday, shares of TCS settled 0.94 per cent lower at ₹4,268.40 apiece on the BSE.
