Rs 12/Share Dividend: Multibagger IT Stock Issues Record Date; Net Jumps 132% YoY

Mid cap IT Software company Cyient Ltd on October 19 announced a surge of 132.11% YoY in its net profits to Rs 183.6 crore for Q2 FY24 as against Rs 79.1 crore last year. Cyient Ltd also announced an interim dividend of Rs 12/- per equity share (i.e.240%) on par value of Rs. 5/- per share for the financial year 2023-2024. It fixed November 1, 2023 as the record date for interim dividend. Cyient shares jumped 109% year-to-date. Check Details below:

Cyient Q2: The company announced its revenue at Rs 1778.5 crore for the quarter under consideration, up 27.38% YoY as against Rs 1396.2 crore declared last year. The company's revenue for the FY24 June quarter was Rs 1686.5 crore. Cyient's EBIT margin surged 14.6%, up 272 bps from 11.9% last year. The company stated that it bagged 5 big deals in the DET (Digital, Engineering & Technology) business with a total contract potential of $51.4 million in the quarter, as per the BSE filing.

Cyient Declares Dividend: As per the BSE filing issued on October 19, "This is to inform that the Board of Directors of the Company has declared an interim Dividend of Rs. 12/- per equity share (i.e.240%) on par value of Rs. 5/- per share for the financial year 2023-2024. Further, this is to inform that 1 November 2023 is fixed as the record date for the above purpose and the dividend will be paid by 15 November 2023."

Cyient Stock Outlook & Return: Current market price of Cyient stock on BSE is Rs 1708.30 per share with intraday fall of 3.11%. Its 52-week high price is Rs 1945.45 per share and 52-week low price is Rs 724.00 per share, respectively. The company's market capitalisation is Rs 18,921.81 crore. Cyient shares offered return of 109% year-to-date, gained 124% in last 1-year, soared 322% in last 3-years, and witnessed a rise of 160% in last 5-years.

Cyient About: Cyient is a global Engineering and Technology solutions company. It collaborates with its customers to design digital enterprises, build intelligent products and platforms and solve sustainability challenges.

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