IT Stock Sets Record Date For 4000% Dividend, LIC Held Stake In Q4

LTIMindtree Ltd is a large cap company that deals in the IT sector. An international provider of consultancy and information technology services with headquarters in Mumbai is LTIMindtree. The Board of Directors have recommended a final dividend of Rs 40 per equity share of Re. 1 each subject to approval of shareholders, and in order to determine the eligibility of the shareholders for the purpose of 4000% dividend for FY23, the company has announced record date.

"Pursuant to Regulation 42 of the Listing Regulations and in continuation to our earlier letter bearing reference no. LTIM/SE/STAT/2023-24/18 dated April 27, 2023, we wish to inform you that the Record Date for determining entitlement of members to the final dividend for the financial year ended on March 31, 2023, if approved at the AGM, is fixed as Monday, July 10, 2023 and shall be paid within 30 days from the declaration," said LTIMindtree in a stock exchange filing.

The final dividend will be paid within 30 days from the end of the company's Annual General Meeting and the company's 27th AGM will be held on Monday, July 17, 2023 at 3:45 p.m. (1ST).

The company's revenue from operations in Q4FY23 was Rs 8691 Cr, up 21.9% YoY from Rs 7,128.6 Cr in Q4FY22. The company's gross profit for the quarter ended March 2023 was Rs 2,598.70 Cr, up 16.1% year on year from Rs 2,238 Cr recorded in the same quarter of FY22. Its EBITDA reached Rs 1603.7 Cr up 10.5% YoY from Rs 1451 Cr in Q4FY22. The company's net profit for the quarter ended in March 2023 was Rs 1114.1 Cr, up from Rs 1000.7 Cr in December 2022 and Rs 1109.1 Cr in the March 2022 quarter. This represents a QoQ growth of 11.3% and a YoY gain of 0.5%.

The firm reported revenue from operations of Rs 33183 Cr in FY23, which is a rise of 27.1% YoY from Rs 26108.7 Cr in FY22. Its EBITDA grew by 16.4% YoY to Rs 6107.70 Cr in FY23 from Rs 5248.6 Cr in FY22. According to LTIMindtree, its net profit for the fiscal year 2023 was Rs. 4410.3 crore, up 11.7% from Rs. 3950 crore for the fiscal year 22.

The shares of LTIMindtree Ltd were last seen trading at Rs 4902.95 on BSE. The stock touched a 52-week-high of Rs 5,360.65 on (15/11/2022) and a 52-week-low of Rs 3,834.00 on (14/07/2022). As per the shareholding pattern of LTIMindtree for January to March 2023 quarter, insurance giant Life Insurance Corporation Of India held fully paid up equity shares of 92,15,734 or 3.12% stake in the IT giant.