Tech Mahindra Limited released its Q2 financial results and simultaneously announced an interim dividend of ₹12 per equity share with a face value of ₹5 each. The company set November 2 as the record date for determining the members eligible to receive the interim dividend. This dividend will be disbursed on November 21 to equity shareholders whose names are listed as beneficial owners of the shares as of November 2, as per the records of depositories or the company’s register of members.
Tech Mahindra explained in its exchange filing, “The board of directors of the company at its meeting held today declared an interim dividend of Rs. 12/- per equity share of Rs. 5/- each, i.e., 240% of the face value.”
In terms of financial performance, IT major Tech Mahindra reported a 61.1% year-on-year (YoY) decline in consolidated net profit for Q2FY24, with earnings of ₹505.3 crore. In the same quarter of the previous year, the company’s net profit had stood at ₹1,299.2 crore. The profit after tax (PAT) in dollar terms came in at $59 million, reflecting a 29.3% drop quarter-on-quarter (QoQ) and a 62.5% decline YoY.
Tech Mahindra’s Q2FY24 consolidated revenue from operations also experienced a 2% YoY decrease, amounting to ₹12,863.9 crore in Q2FY24 compared to ₹13,129.5 crore in the same period the previous year. In US dollar terms, the company’s revenue was reported as $1,555 million, marking a 5.1% YoY decline and a 2.8% QoQ drop.
According to the company’s exchange filing, Tech Mahindra’s Q2FY24 earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to ₹1,072 crore. This figure reflects a 19.9% decrease QoQ and a 46% decline YoY. In US dollar terms, EBITDA was reported as $129 million, indicating a 20.5% QoQ decrease and a 47.3% YoY decline.
On the stock market, Tech Mahindra’s share price was at ₹1,110.15 at 12 noon on Thursday showing a 2.80% decline