Infosys, a titan in the IT sector, has recently declared a dividend for its shareholders. For the fiscal year FY24, the company is set to distribute an interim dividend of 18 Rupees per equity share. The date earmarked for this record is October 25, 2023, with the designated payment date being November 6, 2023.
Moreover, Infosys unveiled its results for the second quarter of FY24. The company reported a net profit surge of 3.2%, amounting to 6,212 crores in the September quarter. Its revenue for the same quarter witnessed a 7% spike, reaching 38,994 crores. Surpassing analysts’ expectations outlined in the Moneycontrol poll, the quarterly results showcased a net profit rise of 4.5% and revenue growth of 2.8%, according to BSE filings for September 2023.
Infosys’s Chief Financial Officer, Neelanjana Roy, stated, “In line with our capital allocation policy, the board has declared an interim dividend of 18 Rupees per share, marking a growth of 9.1% compared to the previous year.” The company’s financial results were released after the market closed, and as of the recent trading session, Infosys shares experienced a 2.82% decline, closing at a price of 1452.30 Rupees. Nonetheless, over the past month, the company’s stock has seen nearly a 3% rise.
Diving deeper into the financial metrics, Infosys’s operating profit, or EBIT margin, for the September quarter increased by 0.40%, settling at 21.2%. The weakening Rupee currency has aided the company in amplifying its operating profit. It’s also noteworthy that, so far this year, Infosys hasn’t introduced any salary hikes for its employees. Maintaining their projected figures, Infosys has retained its operating margin forecast between 20% to 22%.