KPIT Technologies declares final dividend of Rs 2.65/share for FY23

The board of KPIT Technologies recommended a final dividend of Rs 2.65 per equity share for the financial year ending March 2023 on Wednesday. The dividend is 26% on the equity share of face value of Rs 10 each.

"The Board recommended a final dividend at Rs 2.65 per equity share of Rs 10 each (26.5%) for FY 2022-23, subject to the declaration of the same by members at the ensuing Annual General Meeting (AGM)," the company said in a filing.

The record date for the purpose of payment of the final dividend will be determined later and will be communicated to the stock exchanges separately.

Shares of KPIT Tech trade ex-dividend on the day of record date or a day before. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. Record date also dictates which shareholders are eligible to receive the dividend payment.

In the past 12 months, KPIT Technologies has paid an equity dividend of Rs 3.30 per share, which results in a dividend yield of 0.38%.

For the March quarter, KPIT Tech reported a revenue growth 42% year-on-year (YoY) in dollar terms and 8.5% in constant currency (CC) terms.

The net profit for the quarter stood at Rs 112 crore, an increase of 60% year-on-year.

The company expects its CC revenue growth to be in the range of 27% to 30%, while EBITDA margin is estimated at 19% to 20% for fiscal 2023-24.

The growth during the quarter was led by strategic accounts, middleware and architecture, autonomous and diagnostics.

EBITDA margins for the quarter expanded by 60 bps, led by revenue growth and operational efficiencies.

The company's net cash at the quarter end stood at Rs 580 crore post the acquisition payouts of Rs 68 crore and interim dividend of Rs 40 crore.

On Wednesday, the company's shares were trading nearly 5% higher at Rs 892. So far this year, the stock has gained nearly 28%.