Information Technology (IT) services firm Infosys declared an interim dividend along with its second-quarter (Q2) results for the financial year FY24 on Thursday, October 12. The firm announced a dividend of Rs 18 per equity share for FY24. The record date for the same has been fixed on October 25, 2023.
The Bengaluru-based company has also fixed November 6, 2023, as the payout date for the same.
The tech giant has declared 48 dividends since October 25, 2000. In the past 12 months, Infosys has declared an equity dividend amounting to Rs 34 per share.
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At the current share price of Rs 1,465.70, this results in a dividend yield of 2.32%.
Infosys reported a 3% year-on-year (YoY) growth in consolidated net profit for the September quarter to Rs 6,212 crore. Its consolidated revenue climbed nearly 7% YoY to Rs 38,994 crore.
Operating profit for the quarter at Rs 8,274 crore, surpassed the Rs 8,070 crore estimate. EBIT margin for the quarter stood at 21.2% was 20 basis points higher than the 21% estimate.
The company also expects its FY24 revenue to grow between 1% to 2.5%, narrower than the 1% to 3.5% growth it guided for during its June quarter results.
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The tech giant has lowered the upper end of its guidance while reporting its results for the quarter under review.
Infosys won deals worth $7.7 billion in the September quarter. The Street was anticipating deal wins to lend comfort to the company’s future growth trajectory.
Infosys MD and CEO Salil Parekh said that the deal wins were the highest across verticals and geographies. “This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs,” he said.
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Shares of Infosys will likely trade ex-dividend a day or two days before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.
On Thursday, shares of Infosys settled nearly 3% lower at Rs 1,452.30 on the NSE. The scrip has tumbled 4.70% so far this year, as against an 11.82% gain in the Nifty IT index. Infosys is the only stock on the Nifty IT index that has given negative returns.
