Tech Mahindra Q4 Results: IT Company Declares Huge Dividend; Find Out How Much It Is And Other Information

Renowned IT giant Tech Mahindra has revealed a reduction in its net profit for the March quarter of the fiscal year 2023–24, amounting to Rs 661 crore, a dip of 41% year over year.

The reported quarter’s revenue from operations for the firm was Rs 12,871.30 crore, indicating a 6.2% decrease from the same time the previous year. The financial results for this quarter fell short of expectations despite the company’s best efforts, highlighting the ongoing difficulties in the IT industry.

Tech Mahindra’s profit after tax (PAT) for the whole fiscal year that ended on March 31, 2024, was Rs 2,396.80 crore, a considerable drop from the Rs 4,857 crore recorded in the prior fiscal year. In a similar vein, FY24’s revenue of Rs 51,995.50 crore was less than FY23’s reported revenue of Rs 53,290.20 crore. These numbers highlight the challenging market circumstances and intense competition the firm experienced all year.

Tech Mahindra has suggested a final dividend of Rs 28 per share in addition to the interim dividend of Rs 12 per equity share that would be paid in November 2023, in an effort to reassure shareholders.

Taking into account the par value of Rs 5 per equity share, this results in a total dividend for FY 2023–2024 of Rs 40, a significant 800% increase. According to the company’s NSE filing, “Approved Final Dividend of Rs. 28/-per equity share of face value of Rs. 5/-each (560%) for the fiscal year ended March 31, 2024, subject to the approval of the Members at the upcoming Annual General Meeting (“AGM”) of the Company.” If authorized, the Final Dividend must be disbursed by August 9, 2024, at the latest. This payment is in addition to the interim dividend that the company paid in November 2023, which was Rs. 12/-per equity share.”

Additionally, the business approved the nomination of Mr. Tarun Bajaj and Ms. Neelam Dhawan as Additional Directors (Non-Executive), making significant modifications to the makeup of the board. Subject to shareholder approval at the next Annual General Meeting, they will become Independent Directors upon joining the board on May 1, 2024. By strengthening the board’s experience and governance procedures, these important appointments hope to guarantee Tech Mahindra and its stakeholders long-term development and value generation.

Tech Mahindra’s shares finished at Rs 1,190.75 on Thursday, up 0.43 percent from the previous day’s close. The share’s 52-week high is Rs 1,416.30, and its low is Rs 981.05.