Multibagger IT Software Stock To Pay Rs 15 Dividend, Reports 23% Jump In Q2 Net Profit

Leading IT Software company L&T Technology Services Ltd (LTTS) recently announced its Q2 net profit that surged 22.8% to Rs 282.4 crore for the September 2022 quarter against the net profit of Rs 230 crore declared in the corresponding period an year ago. The company achieved robust performance across verticals apart from raising its dollar revenue growth forecast for the current fiscal year amid strong demand.

It is worth noting that the revenue of L&T Technology Services surged 24% to Rs 1995 as all verticals registered double digit growth rates. After announcing Q2 result, L&T Technology Services is all set to pay interim dividend soon. The board of directors of the company has announced an interim dividend of Rs 15 per equity share. Check key takeaways below:

1. L&T Technology Services To Pay Interim Dividend Soon

The board of directors of L&T Technology Services stated in its exchange filing, "The Board of Directors have also declared an Interim Dividend of Rs. 15/- per equity share. The Interim Dividend shall be paid to equity shareholders of the Company whose names will appear in the Register of Members or in the records of the Depositories as Beneficial Owners of Equity shares as on Friday, Oct 28, 2022 which is the Record Date fixed for the aforesaid purpose. Tax Deductible at Source (TDS)on Dividend: Pursuant to Finance Act, 2020, dividend income will be taxable in the hands of the shareholders with effect from April 1, 2020. Hence, the interim dividend declared by Board shall be paid after deducting TDS in accordance with provisions of Income Tax Act, 1961. Members are requested to submit all requisite documents on or before Oct 27, 2022, to enable Company to determine the appropriate TDS rates, as applicable. The Interim Dividend will be paid/dispatched on or before Nov 10, 2022. The above information is also available on the website of the Company."

The record date for interim dividend is October 28, 2022.

2. L&T Technology Services Stock Outlook

The current market price of the stock is Rs 3509 apiece with an intraday gain dip of 0.59%. The stock's 52-week high is Rs 5958 apiece and 52-week low is Rs 2923 apiece, respectively. The company has a market capitalisation of Rs 37,053.73 crore.

3. L&T Technology Services 5-Years Return

The mid-cap stock has given a return of 342% in last 5-years, 113% in last 3 years, and a negative return of 26% in last 1-year.

4. About L&T Technology Services

L&T Technology Services Limited (LTTS) is a global leader in Engineering and R&D (ER&D) services. LTTS' expertise in engineering design, product development, smart manufacturing, and digitalization touches every area of human lives - from the moment one wakes up till the time one goes to bed, according to the official website of LTTS.