Q4 Results: Tech Mahindra declares final dividend of ₹28 per equity, fixes record date

Tech Mahindra saw its consolidated net profit drop to ₹661 crore in the final quarter of FY24 — a 41% year-on-year dip. The company also announced a final dividend of ₹28 per equity and fixed August 9 as the record date. The total dividend for FY 2023-24 will be ₹40 per equity share on par value of ₹5 each.

“The Board of Directors has recommended a final dividend of ₹28 per equity share of the face value of ₹5 each (560%) for the financial year ended March 31. The amount — once approved — would be paid out by August 9 in addition to the interim dividend of ₹12 per equity share that was paid by the company in November 2023,” read a BSE filing from the company. 

The IT services giant saw revenue drop by 6.2% to ₹12,871 crore. Meanwhile the company's total headcount stood at 1,45,455 in Q4FY24 — down 795 on a sequential basis. 

Consolidated net profit tanked 51.2% year-on-year to ₹2,358 crore during FY24. LSEG data indicates that analysts had expected revenue of ₹129.55 billion.

ALSO READ: Tech Mahindra Q4 Results: Net profit drops 41% YoY, dividend declared; 5 key highlights

“As we step into FY25, we look forward to improvement in clients spending, which fuels our optimism for a better revenue performance ahead…Amidst the global economic uncertainties, we continue to observe a notable push towards digital adoption,” Joshi said.

The Mahindra group company's net new deal bookings stood at $500 million, compared to $382 million in the previous quarter and $592 million in the year-ago period.

Market leader Tata Consultancy Services had recently posted a lower-than-expected revenue while LTIMindtree missed the fourth-quarter revenue estimate amid weakness in its banking unit on Wednesday.

(With inputs from agencies)