Tech Mahindra Q4 Results Update!
Exciting news from Tech Mahindra Q4 Earnings Released: Tech Mahindra has unveiled their stellar performance for the fourth quarter of FY 2024.
Dividend Declaration: Hold onto your hats – A whopping 560% dividend has been declared by the company.
Profit Alert: While the results are out, it seems that the profits have fallen slightly short of expectations
Tech Mahindra, one of the country’s top tech firms, recently announced its financial results for the fourth quarter of 2024. Additionally, the company declared a final dividend of 560 percent for its investors.
However, the company reported that its consolidated profit for the quarter was below expectations. Furthermore, Tech Mahindra experienced a setback in terms of income for the March quarter, with earnings falling below both predictions and the previous quarter’s figures.
Tech Mahindra has announced a dividend of Rs 28 per share, with a face value of Rs 5 per share. The shareholders will need to approve this decision at the upcoming annual general meeting of the company. Once approved, the dividend will be paid starting from 09 August 2024.
In the financial year 2023-24, Tech Mahindra has declared a total dividend of 800 percent.Additionally, the company has appointed Tarun Bajaj, Neelam Dhawan, and Amarjyoti Baruva as Additional Directors (Non-Executive). Shikha Sharma, Hagriv Khaitan, and Mukti Khare have been appointed as independent directors.
Tech Mahindra’s consolidated profit increased from Rs 510 crore to Rs 661 crore in the quarter ended March. Although the company was expecting a profit of Rs 690 crore, it slightly fell short of that target.
The total income decreased from Rs 13,001 crore to an estimated Rs 12,900 crore on a quarterly basis. Additionally, the attrition rate reduced from 15 percent to 10 percent annually. Lastly, there was a 0.8 percent decline in CC revenue in the January-March period.
In the fourth quarter of FY 2024, Tech Mahindra’s trading profit decreased from Rs 703 crore to Rs 639 crore compared to the previous quarter. The profit margin also dropped from 5.4 percent to 5 percent during this period. Despite these declines, Tech Mahindra’s stock price increased by 0.34 percent, closing at Rs 1190.10.
The company’s 52-week high was Rs 1,416, while the low was Rs 982.95. Over the past year, investors have seen a return of 19.52 percent on Tech Mahindra shares. The market capitalization of Tech Mahindra stands at Rs 1.16 lakh crore.