L&T Technology Services Fixes Record Date For 1500% Dividend, LIC Held Stake In Q4

L&T Technology Services is a large cap company that deals in the IT sector. The Board of Directors of the company have recommended a final dividend of 1500% subject to approval of the shareholders of the Company and in order to determine the eligibility of shareholders for the purpose of dividend, the company has announced record date.

The Board of Directors "have recommended a final dividend of 1,500 % i.e. Rs. 30/- per equity share of face value of Rs 2.00/- each, subject to approval of the shareholders of the Company, which if approved, shall be paid/dispatched within thirty days from the conclusion of the Annual General Meeting of the Company," said L&T Technology Services in a stock exchange filing on April 26, 2023.

While announcing record date for the purpose of dividend, L&T Technology Services informed stock exchanges on June 12, 2023 that "Pursuant to Regulation 42 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Company has fixed Friday, July 7, 2023, as the "Record Date" for the purpose of determining the Members eligible to receive dividend for the financial year 2022-23. The Final Dividend if approved at the AGM shall be paid by the Company on or after July 24, 2023."

For the fourth quarter that concluded on March 31, 2023, L&T Technology Services (LTTS) Ltd. recorded a rise of 18 percent year on year in net profit of Rs 309.6 crore compared to a net profit of Rs 262 crore in the March 2022 quarter. Its total revenue in Q4FY23 was Rs 2,096.2 crore, up 19% from Rs 1,756.1 crore in the same quarter of the previous year. The company's earnings before interest and tax (EBIT) reached Rs 392.7 crore. Revenue increased 22% to Rs 8,013 crore for the entire fiscal year 2023, while profit climbed 22% to Rs 1,169 crore, surpassing the Rs 1,000 crore mark.

The shares of L&T Technology Services opened on the BSE on Tuesday at Rs 3924.95 apiece level. During Q4FY23, the company reported promoters shareholding of 73.85%, FIIs stake of 6.69%, DIIs stake of 8.41%, and public stake of 11.06%. As per the shareholding of L&T Technology Services for January to March 2023 quarter, insurance giant LIC held fully paid up equity shares of 47,85,916 or 4.53% stake in the company.