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Business News/ Markets / Stock Markets/  IT stock declares 15 interim dividend, record date next week. Details here

IT stock declares ₹15 interim dividend, record date next week. Details here

L&T Tech Services board have also declared an Interim Dividend of ₹15 per equity share


While announcing its second quarter earnings for the current fiscal year, L&T Technology Services Ltd's (LTTS) board of directors of the company also declared an interim dividend of 15 per share and fixed the record date for the same of next week on Friday, October 28, 2022.

“The Board of Directors have also declared an Interim Dividend of Rs. 15/- per equity share. The Interim Dividend shall be paid to equity shareholders of the Company whose names will appear in the Register of Members or in the records of the Depositories as Beneficial Owners of Equity shares as on Friday, October 28, 2022 which is the Record Date fixed for the aforesaid purpose," L&T Tech informed in the exchange filing.

"Pursuant to Finance Act, 2020, dividend income will be taxable in the hands of the shareholders with effect from April 1, 2020. Hence, the interim dividend declared by Board shall be paid after deducting tax at source (‘TDS’) in accordance with the provisions of the Income Tax Act, 1961. Members are requested to submit all requisite documents on or before October 27, 2022, to enable the Company to determine the appropriate TDS rates, as applicable," it added.

Larsen & Toubro Limited’s engineering, research and development subsidiary, L&T Technology Services' net profit rose 22.8% YoY to 282 crore it saw a 24% year-on-year (YoY) growth in its rupee revenue to 1,995 crore in Q2FY23. 

LTTS said that it won two deals with total contract value (TCV) of $10 million or higher, with its largest deal signed during the quarter bearing TCV of above $60 million. 

Amit Chadha, managing director and chief executive officer of LTTS, said that the company has outperformed its targets for FY23, revising its constant currency dollar revenue growth guidance to 15.5-16.5% for the financial year. 

“We have achieved a $1 billion annualized revenue run-rate in Q2 on constant currency basis. Our momentum stayed strong in the second quarter with revenue growing sequentially by 4.5% in constant currency. Investments into our electric autonomous connected vehicles (EACV) bet has helped us win large deals consistently," Chadha said.

The IT stock has declined more than 39% in 2022 (YTD) so far.

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Published: 20 Oct 2022, 10:52 AM IST
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