₹240 Dividend: This IT stock announced its highest payout in a decade

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Oracle Financial Services Software ltd. surged 3% on Thursday after its quarterly results and the company having announced its highest dividend payout in a decade.

Post its March quarter results, OFSS announced a dividend of ₹240 per share, which was the highest since 2014, during which it had announced a dividend of ₹485 per share.

Record date for the interim dividend has been fixed as May 7. The dividend will be paid on or before May 23, the exchange filing said.

Last year, Oracle Financial Services had announced a dividend of ₹225 per share, following a ₹190 payout in 2022 and a ₹200 payout in 2021.

Since 2014, Oracle Financial has declared dividends worth ₹2,100 per share for its shareholders.

For the March quarter, Oracle Financial reported a 11.7% growth in its topline to ₹1,642.4 crore, while net profit fell by nearly a quarter to ₹560.1 crore. EBIT margin expanded by 40 basis points to 44.7% from 44.3%.

Both of Oracle’s business segments – Product Licenses and IT Solutions saw an increase in revenue compared to the same period last year.

Shares of Oracle Financial are off the day’s high but are trading 1.5% higher at ₹7,470. The stock has already risen 72% so far in 2024. Shares have seen gains of 120% in the last 12 months.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow