Tech Mahindra will consider paying an interim dividend next week. Check the recording date | Jobs Vox


The board of Indian IT company Tech Mahindra Ltd will meet next week on Tuesday, November 1, 2022 to consider a proposal to pay an interim dividend for the financial year 2022-23. The Board will also meet to review and approve the financial performance for the second quarter ending September 30, 2022 (Q2 FY23) of the current fiscal period.

“We inform you that at the meeting scheduled for October 31 and November 1, 2022, the Board of Directors will consider the proposal for the payment of an interim dividend for the financial year 2022-23.” a year. by the board on November 1, 2022,” Tech Mahindra reported in an exchange filing last week.

Further, the company said it has fixed Thursday, November 10, 2022 as the record date for determining the members entitled to the interim dividend, if approved by the board at its meeting.

“As previously announced, the company’s trading window is closed from October 1, 2022 and will open 48 hours after the release of financial results for the quarter ended September 30, 2022,” it added.

Tech Mahindra paid a whopping 900% dividend to its shareholders in FY22. In the past 12 months, Tech Mahindra Ltd. announced a capital dividend in the amount of 45.00 per share. At the current share price, this results in a dividend yield of 4.16%, according to Trendline data.

Tech Mahindra’s peers Infosis, TCS, Wipro, Mindtree and HCL Tech had already reported their second quarter results earlier this month which were mixed.

“We expect 0.4% qoq revenue growth in USD (2.0% qoq in CC) on broad-based growth and strong deals for Tech Mahindra.” We model a 13bp kk expansion in kk EBIT margin to 11.2% as wage increases are offset by better utilization, better pricing and more offshoring. Watch for: Impact on telecommunications and corporate technology spending due to macroeconomic headwinds; Revenue and margin outlook in FY23; company budgets; he gets a big job; prospects for customer investment in 5G; deal pipeline; cost control initiatives,” BNP Paribas said in a review note on India IT earnings.

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