October 25, 2023
New Delhi, India
Tech Mahindra Q2 Results
Tech Mahindra, a leading IT firm in India, has disclosed a significant decline in its Q2FY24 net profit. Here’s a summary of the key developments:
Q2FY24 Net Profit Drops 61.1% YoY
Tech Mahindra’s financial results for Q2FY24 reveal a consolidated net profit of ₹505.3 crore. This marks a substantial 61.1% decrease compared to the same quarter in the previous year when the net profit stood at ₹1,299.2 crore.
Announcement of ₹12 Interim Dividend per Share
In addition to the financial results, Tech Mahindra Limited has announced an interim dividend of ₹12 per equity share. The face value of each share is ₹5.
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Record Date and Payment Date
The company has set Thursday, November 2, as the record date to determine eligible shareholders for receiving the interim dividend. Shareholders meeting these criteria will receive ₹12 per share on Tuesday, November 21.
Stock Decline Reflects Investor Sentiment
Before the release of the Q2FY24 results, Tech Mahindra‘s stock experienced a decrease in value. On the BSE, the stock was down by 1.27% at ₹1,140.50 per share at the closing bell, and on the NSE, it fell by 1.39% to ₹1,139.90 per share. This likely mirrors investor expectations influenced by current market conditions.
Also Check: Wipro Q2 Results
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