2 IT stocks announce dividends for FY23. Check details

Two IT stocks, one from the smallcap space and other from the midcap, have announced dividends for the financial year ending March 23.

Ksolves India, which has a market capitalisation of around Rs 750 crore, has declared a final dividend of Rs 8 per share for financial year 2022-23.

The dividend has to be approved by shareholders at the annual general meeting. The dividend will be paid to the equity shareholders of the company, whose names would appear on the register of members of the company as on the record date.

Ksolves India is a software development company, which designs applications such as big data and other related software solutions for startups.

For the March quarter, the company reported a revenue of Rs 23 crore as against Rs 14 crore in the same period last year. Net profit for the quarter came in at Rs 7.3 crore.

Meanwhile, Persistent Systems, a midcap IT company has announced a final dividend of Rs 12 per share and special dividend of Rs 10 per share for FY23 on achieving $1 billion in annual revenue.

In January this year, the company declared an interim dividend of Rs 28 per share making the total dividend Rs 50 per share for the financial year.

The company has posted 25% growth in its fourth-quarter profit at Rs 251 crore, while revenue surged 38% to Rs 2,254 crore in the same period.

The order booking for the quarter ended in March was at $421.6 million in total contract value (TCV) and at $310.4 million in annual contract value (ACV).

When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. Meanwhile, a record date dictates which shareholders are eligible to receive the dividend payment.