IT stocks Mindtree, Mphasis trade ex-dividend today
Premium- Mindtree recommended a final dividend of ₹27
Shares of two IT companies Mindtree and Mphasis are trading ex-dividend today, a day ahead of their record dates for their respective final dividends. Mindtree shares was trading about 0.8% higher at ₹2,886 apiece on the BSE in Tuesday's early deals whereas that of Mphasis rose more than a per cent to ₹2,212.
While announcing its Q4 earnings, Mindtree recommended a Final Dividend of 270% (Rs.27/- per equity share of face value of Rs.10/- each) for the financial year ended March 31, 2022. During the company's earnings call, Chatterjee said a full year dividend of ₹37 per share announced by the company is the highest in its history.
The IT company registered a 49% from a year earlier jump in its consolidated net profit at ₹473 crore in the fourth quarter. The Bengaluru-based software services firm's revenue grew 37% year-on-year (YoY) and 5.4% on a sequential basis to ₹2,897 crore.
On the other hand, Mphasis recommendation of dividend of Rs. 46/- per equity share of ₹10/- each for the year ended 31 March 2022. The company’s net profit grew 23.7% from a year ago to ₹392 crore in Q4 FY22. Adjusted for the mergers and acquisition charges, net profit grew 30.9% from a year ago to ₹414.7 crore.
A global information technology services company, Mphasis also specializes in similar fields of application development and maintenance services, along with infrastructure outsourcing services and business process outsourcing (BPOs) solutions.
A Larsen and Toubro group company now, Mindtree was created in 1999 by ten industry professionals from Cambridge Technology Partners, Lucent Technologies, and Wipro.
The amalgamation process of Mindtree and Larsen & Toubro Infotech, two software units controlled by a Mumbai-based engineering conglomerate, is expected to be completed by December this year, and during this period, both the firms will continue to operate independently. The two subsidiaries of Larsen & Toubro in May announced a mega-merger to create an efficient and scaled-up IT services provider, exceeding $3.5 billion in combined revenue.
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Mindtree shares have fallen over 41% in 2022 (year-to-date or YTD) so far whereas IT stock Mphasis has declined more than 35% during the same period.