Shares of HCL Tech fell more than 1% to Rs 890 per share in public trading on BSE on Tuesday, as the IT stock went ex-dividend a day before the record date for the interim dividend announced last week, along with earnings from current financials in the first quarter.

The board of HCL Tech has declared an interim dividend of Rs 10 per share for the financial year 2022-23 (FY23) with a par value of Rs 2 per share.

The company stated that the above-mentioned interim dividend distribution registration date had been determined as July 20, 2022 (Wednesday). Upon confirmation by the board of directors, the above-mentioned interim dividend distribution date is August 20 (Tuesday), February 2, 2022.

A stock’s ex-dividend date is usually the business day preceding the record date on which the dividend is declared for eligible shareholders.

HCL Tech paid a total dividend of Rs 42 per share in FY22. Dividends are profits that a public company distributes to its shareholders.

The IT services company reported that its consolidated net profit rose more than 2% year-on-year to Rs 3,283 crore in the three months to June 2022. However, the company’s net profit fell 8.6% quarter-on-quarter.

The Noida-based company posted revenue of Rs 23,464 crore, up nearly 17% from last year’s period. Meanwhile, the company’s June quarter US dollar revenue rose 15.6% annually in constant currency to $3.02 billion, helped by new deal wins and an acceleration in customers’ digital agendas.

HCL Technologies Ltd maintained its FY23 constant currency revenue growth guidance of 12-14% on strong demand for digital transformation in key markets. The company also left its earnings before interest and tax (EBIT) margin guidance unchanged at 18-20%.

HCL Tech CEO and Managing Director C Vijayakumar asserted that the company is focused on profitable growth and maintaining industry-leading performance.

HCL Tech is an Indian multinational IT service and consulting company headquartered in Noida, India. So far in 2022 (year-to-date), IT stocks are down about 33%, while the benchmark Sensex is down 8%.