Tech Mahindra to consider proposal for interim dividend on 25 October

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The company shares closed 1.29% lower at ₹1170.70 per share on BSE on Thursday.  “We would like to inform that the Board of Directors will also consider a proposal for payment of interim dividend for the financial year 2023-24, at its meeting scheduled on 24th October & 25th October, 2023,” said the company in its stock filing.

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Company’s share value improved by 7.29% YTD and by 11.03 per cent in a year. Earlier, the company had declared a final dividend of Rs.32.0000 per share on 27 April, 2023. In previous quarter, Tech Mahindra witnessed a 38 per cent decljne in its consolidated net profit at ₹692.5 crore against ₹1,131 crore in Q1FY23. During the June quarter, the company reported weak performance in its key segments.

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Its consolidated revenue from operations stood at ₹13,159 crore in the June quarter of current financial year. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) in the June quarter fell 28.8 per cent year-on-year to ₹1,338 crore. Its earnings per share (EPS) was reported at ₹7.82. EBITDA stood at ₹1,880 crore in the corresponding quarter last year.

Tech Mahindra saw a decline in its performance in segments like communications, media and entertainment (CME) and banking, financial services and insurance. In this segment, its revenue dropped eight per cent year-on-year. Its revenue from banking segment declined by 5.4 per cent from the previous-year period.

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Updated: 19 Oct 2023, 05:12 PM IST