6,000% Dividends In FY23: LTIMindtree Announces Dividend Of Rs 20/Share For FY24, Record Date Fixed

Tech giant, LTIMindtree is among the dividend king stocks. After paying a hefty 6,000% dividend in the financial year 2022-23, LTIMindtree is back with yet another reward for its shareholders. The L&T Group-backed tech player has recommended an interim dividend of Rs 20 per share for the current financial year FY24. The record date has also been fixed for the upcoming dividend.

In its regulatory filing, on October 18th, LTIMindtree said that delivered an interim dividend of Rs 20 per equity share of Re 1 each.

It added, "The interim dividend shall be paid within 30 days of declaration to those shareholders whose name will appear in the Register of Members or in the list of Beneficial Owners provided by the Depositories as of Friday, October 27, 2023, being the 'Record Date' fixed for the purpose."

This also means that LTIMindtree shares will trade ex-dividend on October 27.

In the financial year FY23, the company paid an eye-bulging 6000% dividend amounting to Rs 60 per share to its shareholders.

Currently, LTIMindtree has a dividend yield of 1.16%.

On BSE, the company's stock ended at Rs 5,156.90 apiece, down by Rs 57.95 or 1.11%. Its market cap is nearly Rs 1.53 lakh crore.

The company also announced its financial results for the quarter ending, September 30, 2023 (Q2FY24). In Q2FY24, LTIMindtree posted a net profit of Rs 1,161.8 crore on a consolidated, registering a fractional growth of 0.9% sequentially but a drop of 2.5% year-on-year. Consolidated revenue, meanwhile, stood at Rs 8,905.4 crore in Q2FY24, rising by 2.3% quarter-on-quarter and 8.23% year-on-year.

In dollar terms, the company's revenue was at $1,075.5 million, registering a growth of 1.6% Q-o-Q and 5.2% Y-o-Y. While net profit was at $140.4 million, marginally up 0.2% Q-o-Q but declined 5.0% Y-o-Y.

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies.

As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world.