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Tech Mahindra to consider Interim Dividend

Oct 20, 2023

By: BlinkX Research Team

Tech Mahindra, the multinational IT services and consulting company, is set to discuss a proposal for an interim dividend for the financial year 2023-24 in its upcoming board meeting on October 24 and 25. The decision regarding the interim dividend is scheduled to be made on October 25.

This move comes ahead of the company's announcement of its results for the September quarter next week. Tech Mahindra has been consistent in paying dividends, declaring 25 dividends since March 21, 2007. Over the past year, the company has declared an equity dividend of ₹50 per share, resulting in a dividend yield of 4.27% at the current share price of ₹1,172.15.

In the June quarter, Tech Mahindra reported a 38% year-on-year decline in net profit, amounting to Rs 692.5 crore. The company's shares settled at ₹1,169, down 1.52% on Thursday. Over the past 12 months, the stock has yielded returns of 12.23%, slightly outperforming the Nifty50's returns of nearly 12% during the same period.

Currently trading at a discount of 11% from its 52-week high of ₹1,320.00 in September, the stock demonstrates a 1-year beta of 1.1, signifying relatively higher volatility during this period, as per data from Trendlyne.