Tech Mahindra Ltd, the Indian multinational technology company, announced a significant year-on-year (YoY) net profit decline of 61.6% for the September quarter, according to its latest financial results. The company's net profit plummeted to Rs 494 crore from Rs 1285.4 crore in the corresponding quarter last year. In addition, the firm reported a 2% revenue drop to Rs 12,864 crore.
Despite these disappointing results, the board of Tech Mahindra approved an interim dividend of Rs 12 per equity share, which equates to 240% of the face value. The record date for this dividend has been set for November 2, 2023.
Following these announcements, shares of Tech Mahindra fell by 1.16% on BSE, from Rs 1155.15 to Rs 1141.70. This decrease led to a corresponding reduction in the company's market cap to Rs 1.11 lakh crore.
These financial results have shown a challenging quarter for Tech Mahindra, with significant decreases in both net profit and revenue compared to the same period last year. Despite this downturn, the approval of a substantial interim dividend indicates the company's commitment to providing returns to its shareholders amidst these challenging times.
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