IT Major Tech Mahindra Reported 26% Drop In Net Profit, Announces 640% Final dividend

On Thursday, April 27, 2023, IT giant Tech Mahindra Ltd. reported a 26% drop in consolidated net profit for the Q4FY23 that ended on March 31, 2023, to Rs. 1,118 crore, as clients cut down on spending due to difficult macroeconomic conditions. However, in Q4FY23, its revenue increased 13% to Rs 13,718 crore.

In addition, the Company's Board of Directors also recommended a final dividend of Rs. 32 per equity share of Rs 5 each i.e. 640% for the financial year 2022-23.

"Recommended Final dividend of Rs. 32/- per equity share of Rs. 5/- each i.e., 640% of the face value for the financial year ended 31% March, 2023, subject to the approval of members of the Company at the forthcoming Annual General Meeting. The Final Dividend, if approved, will be paid by 11 August, 2023. This dividend is in addition to Special Dividend of Rs. 18/- per share paid as interim dividend in November, 2022. The total dividend for FY 22-23 will be Rs. 50/- per share on par value of Rs. 5/- each i.e. 1000%," the company said in an exchange filing.

Meanwhile, the stock of Tech Mahindra closed at 1,003.15 apiece, 0.69% high compared to its previous close of Rs 996.30 apiece on NSE. The stock recorded its 52-week high on May 06, 2022, at Rs 1,299 apiece and 52-week low on June 17, 2022, at Rs 943.70 apiece, respectively.

The stock in the past 1 year declined 20.46%. In declined by 1.83% in 1 week and 9.05% in 1 month, respectively. However, it has given 96.04% positive return in 3 years and 49.61% in 5 years.