Tech Mahindra Interim Dividend: IT services and consultancy firm Tech Mahindra informed on Saturday that the company’s board of directors will consider the proposal for payment of interim dividend for the financial year 2022-23 in the meeting to be held on October 31 and November 1, 2022. The board will also meet to consider and approve the financial performance for the second quarter ending September 30, 2022 (Q2 FY23) of the current fiscal.
“We would like to inform that the Board of Directors will also consider a proposal for payment of interim dividend for the financial year 2022-23, at its meeting scheduled on 31 October & 1 November, 2022. The payment of Interim Dividend will be considered by the Board on 1 November, 2022,” Tech Mahindra informed in an exchange filing last week.
It is worth noting that the payment of the Interim Dividend will be considered by the Board on 1 November, 2022. Further pursuant to Regulation 42(2) the Company has fixed 10 November, 2022, as the record date for determining the members entitled to receive the Interim dividend, if approved by the Board.
The last trading price of Tech Mahindra is Rs 1041 apiece. The stock’s 52-week high is Rs 1837 apiece and 52-week low is Rs 944 apiece, respectively. The large cap company has a market capitalisation of Rs 1,01,330.22 crore.
In the financial year 2022, Tech Mahindra paid a 900 per cent dividend to its shareholders. In Q1FY23, The company reported consolidated net sales of Rs 12,707.9 crore, up 24.6 per cent from the year-ago quarter’s net sales of Rs 10,197.6 crore. The company reported a net profit of Rs 1,147.5 crore for Q1FY23.
“We expect 0.4 per cent q-q USD revenue growth (2.0 per cent q-q in CC) on broad-based growth and a strong deal pipeline for Tech Mahindra. We model a 13bp q-q expansion in EBIT margin q-q at 11.2 per cent as wage hikes are offset by better utilisation, pricing benefits and more offshoring. Look out for: Impact on telecom and enterprise tech spending from macro headwinds; FY23 revenue and margin outlook; enterprise budgets; large deal wins; outlook on client investments in 5G; deal pipeline; cost-control initiatives,” said BNP Paribas in a note on Indian IT earnings’ preview.
In the past 12 months, Tech Mahindra Ltd. has declared an equity dividend amounting to Rs 45.00 per share. At the current share price, this results in a dividend yield of 4.16 per cent, as per data by Trendlyne.
Tech Mahindra’s peers Infosys, TCS, Wipro, Mindtree, and HCL Tech have already announced their Q2 results earlier this month which has been a mixed bag.
Tech Mahindra offers innovative and customer-centric digital experiences, enabling enterprises, associates and the society to Rise. It is a USD 6 billion organization with 158,000+ professionals across 90 countries helping 1262 global customers, including Fortune 500 companies. It is focused on leveraging next-generation technologies including 5G, Blockchain, Quantum Computing, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers, according to its official website. News18