IT firm Tech Mahindra on Thursday reported results for quarter ended March 31, 2023. According to the regulatory filing, in Q4FY23, Tech Mahindra saw its consolidated net profit decline by 26 per cent at Rs 1,118 crore.
However, its revenue rose 19.4 per cent to Rs 53,290 crore in Q4FY23.
The company's board recommended final dividend of Rs 32 per equity share of Rs 5 face value which is 640 per cent of the face value for the FY23, subject to the approval of members of the Company at the forthcoming Annual General Meeting.
The final dividend, if approved, will be paid by August 11, 2023. This dividend is in addition to special dividend of Rs 18 per share paid as interim dividend in November, 2022. The total dividend for FY23 will be Rs 50 per share on par value of Rs 5/- each i.e. 1,000 per cent.
CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said: “As we step into FY24, we see the increasing need for businesses to stay agile by leveraging next generation technologies. We are strongly focused on helping our customers stay competitively dominant and relevant in the era of fast evolving market conditions by helping them adapt to leaner and sustainable business models.”
Rohit Anand, Chief Financial Officer, Tech Mahindra, said: "Our strategy of prudence and operational excellence helped us through the uncertainties of FY23. We continue to return cash to shareholders through a consistent dividend policy. We move into the next fiscal, with sharper focus on productivity improvements, cash & value creation for our stakeholders."
On Thursday, the company's scrip on BSE closed 0.8 per cent higher at Rs 1,004.2.