Debt Free IT Stock Sets Record Date For 13/Share Dividend

Sasken Technologies is a small cap IT company that recorded a market cap of Rs 1,356.46 Cr during Wednesday's closing session. The company has declared a final dividend of Rs. 13 per equity share of Rs. 10 each for the year ended March 31, 2023, subject to shareholders' approval at the next Annual General Meeting. For the purpose of the same the Board of the company have announced record date to determine the eligibility of the shareholders.

"The Board in their meeting held on October 21, 2022 has declared Rs 12 per share as the interim dividend for the year ended March 31, 2023, which resulted in cash out flow of Rs 1,806.10 lakhs. The Board in their meeting held on May 2, 2023 has recommended Rs 13 per share as final dividend for the year ended March 31, 2023. The payment is subject to shareholders' approval in the ensuing Annual General Meeting, if approved it would result in net cash outflow of Rs 1,962.61 lakhs. The total dividend for the year ended March 31, 2023 would be Rs 25 per share (including interim dividend of Rs 12 per share)(March 31, 2022 : Rs 25 per share)," said Sasken Technologies in a statement.

"Saturday, July 22, 2023, for determining the list of shareholders who are eligible for final dividend on Equity shares, if declared at the AGM. The final dividend, if approved shall be paid / credited on or before Friday, August 18, 2023," said Sasken Technologies in a stock exchange filing.

The company reported a net income of Rs 111.27 Cr in Q4FY23 down by 2.20% YoY from Rs 113.77 Cr in Q4FY22. The company's net profit reached Rs 17.06 Cr during the quarter ended March 2023 down by 36.51% YoY from Rs 26.87 Cr during the quarter ended March 2022.

During the year ended FY2023, the company's net income stood at Rs 476.71 Cr compared to Rs 469.24 Cr during the year ended FY2022, up by 1.59%. Sasken Technologies said its net profit was Rs 99.47 Cr in 12MFY23 down by 22.44% YoY from Rs 128.24 Cr in 12MFY22.

On Wednesday's closing session, the shares of Sasken Technologies closed on the BSE at Rs 901.50 apiece up by 0.17% from the previous close of Rs 900. The stock made a 52-week-high of Rs 1,039.00 on (01/12/2022) and a 52-week-low of Rs 739.45 on (01/07/2022), indicating that at the current market price, the stock is trading 13.23% below the 1 year high and 21.88% above the 1 year low. As per the data of Trendlyne, Sasken Technologies is a debt-free company that has a price-to-earning ratio of 13.7, lower than its sector PE ratio of 58.8. During Q4FY23, the company recorded promoter shareholding of 43.38% and public stake of 56.62%.