IT firm Tech Mahindra's Board of Directors on Wednesday, October 25, declared an interim dividend of ₹12 per equity share of ₹5 each, which is 240% of the face value.

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"Declared Interim dividend of Rs. 12/- per equity share of Rs. 5/- each i.e. 240% of the face value," the company said in an exchange filing.

TechM also fixed November 2, 2023, as the record date for determining the members entitled to receive the interim dividend. The interim dividend shall be paid on November 21, 2023, to the equity shareholders of the company whose names appear on the Register of Members of the Company or in the records of Depositories as beneficial owners of the shares.

Tech Mahindra's board had recommended a final dividend of ₹32 per equity share of ₹5 face value, which was 640% of the face value for the financial year ended March 31, 2023.

Tech Mahindra Q2FY24 results

Meanwhile, TechM clocked in a net profit of ₹494 crore for the July to September period, below the CNBC-TV18 poll projection of ₹663 crore.

#2QWithCNBCTV18 | @tech_mahindra's Q2 earnings miss estimates pic.twitter.com/KBVo8UsrdW

— CNBC-TV18 (@CNBCTV18Live) October 25, 2023

Tech Mahindra's revenue came in at ₹12,864 crore, dropping over 2% sequentially. It had posted ₹13,159 as revenue in the first quarter of the financial year. The CNBC-TV18 poll had estimated Tech Mahindra's revenue at ₹13,113 crore.

Tech Mahindra dividend history

In addition to today's dividend declaration, Tech Mahindra has a good dividend track record and has consistently declared dividends for the last five years.

Source: Moneycontrol

First Published:Oct 25, 2023 3:59 PM IST