Tech Mahindra declares Rs 12 interim dividend, sets record date
Tech Mahindra announced an interim dividend of Rs 12 per share for the financial year ending 2024. The dividend is 240% on the face value of per share.
The company has fixed November 2 as the record date for determining the members entitled to receive the interim dividend.
The said interim dividend will be paid on November 21, 2023, to the equity shareholders of the company whose names appear on the register of members of the company or in the records of depositories as beneficial owners of the shares as of the record date.
Shares of Tech Mahindra will likely trade ex-dividend on the day or a day before the record date.
When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.
In the last 12 months, Tech Mahindra had one of the highest dividend yields on the Street at 4.38% after paying a dividend of Rs 50 per share in the same period.
In the September quarter, the IT services company's profit fell as much as 62% to Rs 494 crore amid overall weakness in the demand scenario as clients cut back on spending.
The profit was below the ET Now Poll estimate of Rs 670 crore.
Consolidated revenue from operations came in at Rs 12,864 crore, down 2% YoY. Revenue was also lower than the analysts' estimates.
Amid fears of an economic slowdown, India's IT industry's deals took a beating as businesses in the US and Europe curtailed their tech expenses.
New deal wins (TCV) during the September quarter at $640 million declined from $716 million worth of deals clocked in the corresponding period of the previous year.
On Wednesday, the company's shares closed 1.39% lower at
