Following Narayana Murthy’s gift, the infant received 15 lakh shares (0.04% stake) of Infosys last month, worth over ₹240 crore.
Infosys founder Narayana Murthy‘s grandson, Ekagrah Rohan, will receive ₹4.2 crore in dividend income from the IT giant at the age of just five months, following Mr. Murthy’s gift of 15 lakh shares (0.04% stake) valued at over ₹240 crore last month.
Infosys reported a 30% surge in fourth-quarter profit, totaling ₹7,969 crore, compared to ₹6,128 crore last year. Revenue also experienced a slight uptick, reaching ₹37,923 crore. For the fiscal year ending March 2024, net profit increased by 8.9% to ₹26,233 crore, while annual operational income rose by 4.7% to ₹1,53,670 crore. The Infosys board proposed a final dividend of ₹20 per share for FY24, along with a special dividend of ₹8 per share. Furthermore, Infosys intends to acquire German firm in-tech in an all-cash deal valued at 450 million euros.
In the upcoming fiscal year, Infosys anticipates a revenue growth of 1-3%. Motilal Oswal research firm noted that Infosys’s projected revenue growth for FY25 is lower than expected, but they foresee potential improvement in the medium term. Conversely, Nuvama suggests that Infosys may experience accelerated growth later in FY25, though in the interim, their stock performance might lag behind companies like TCS, as per Business Today’s report.
According to Infosys’ stock exchange filing, the final and special dividend will be paid on July 1, 2024, with the record date set as May 31, 2024.
Following this transaction, Narayana Murthy’s stake in Infosys decreased to 0.36% from 0.40%, representing over 1.51 crore shares.
The transaction was conducted “off-market”, yet Ekagrah’s Infosys shares declined by Rs 30 crore as their value dropped roughly Rs 200 per share since acquisition.
In Q4 (January to March), Infosys exceeded market expectations with a 30% YoY increase in net profit from Rs 6,134 crore to Rs 7,975 crore. The company’s revenue from operations saw a modest 1.3% increase to Rs 37,923 crore during the quarter.
Additionally, the company witnessed a notable reduction in headcount, marking the first decline since 2001, with the overall number of employees in FY24 standing at 317,240, reflecting a decrease of 25,994 individuals, or 7.5%, from the previous year.
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