Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Companies / Company Results/  Q4 Results: Tech Mahindra declares final dividend of 28 per equity, fixes record date
BackBack

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

The total dividend for FY 2023-24 will be Rs. 40/- per equity share on par value of Rs. 5/- each i.e. 800%

Tech Mahindra logo is seen on its office building in Noida on the outskirts of New Delhi (REUTERS)Premium
Tech Mahindra logo is seen on its office building in Noida on the outskirts of New Delhi (REUTERS)

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)

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 25 Apr 2024, 04:32 PM IST
Next Story footLogo
Recommended For You