IT stocks declare interim dividend, record date next week

“You are informed that the Board of Directors of the Company at its meeting held today has approved the Interim Declaration. Dividend INR 1.50 per equity share each of INR 2 (i.e., 75%) for FY 2022-23. The record date for the interim dividend and related matters has been set as Friday, February 3, 2023 pursuant to our notice dated December 30, 2022. The interim dividend on equity shares shall be paid/remitted to the shareholders within 30 days from the date of declaration,” IT company Informed in an exchange filing earlier this week.

Further, the Board has also approved the appointment of Manish Tandon as Chief Executive Officer and Managing Director (‘CEO & MD’) of the Company for a period of 5 years from January 23, 2023 to January 22, 2028 (both days inclusive). gave permission. ), Member and subject to other applicable approval(s).

“Zensor reported modest Q3 FY23 numbers – revenue declined 5.3% QoQ CC to $146 million, below our estimate of -3.5% QoQ CC decline. EBIT margin grew +250bp QoQ to 7.1%, beating our/the Street’s forecast of 5.7%. On 765 million, PAT was ahead of our/Street estimates 661mn/620mn – Powered by Margin Beat. Deal wins were modest at $130.5 mn (+4.2% YoY),” Edelweiss highlighted in a note.

Zensar is undergoing a management change, which is likely to lead to a reduction in overall customer spending (in CY23) as well as poor medium-term performance. “While we see strong sustainable demand (transformational/cost-takeout deals) driving growth for the sector – Zensar’s performance is expected to underperform primarily due to its relative inability to win cost-takeout deals and the ongoing management transition.” Affordable valuations limit downside potential,” the brokerage said.

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