Infosys shares to turn ex-dividend on Friday; dividend that UK First Lady Akshata Murty, family to receive

Shares of Infosys will turn ex-dividend on Friday. While announcing its quarterly results, the Infosys board had declared final dividend of Rs 17.50 per share for FY23. This was in addition to an interim dividend of Rs 16.50 per share that Infosys already paid earlier. With this, the total dividend that Infosys announced for FY23 stood at Rs 34 per share, a 9.7 per cent increase over FY22. In value terms, the company announced total dividend of Rs 14,200 crore for FY23.

On Thursday, the stock was trading at Rs 1,320 on BSE, down 0.16 per cent. It is down 13.38 per cent year-to-date.

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The Murthy family, which includes Infosys co-founder Narayana Murthy (NRN), his wife Sudha N Murty, his son Rohan Murty and daughter Akshata Murty (who is also UK's first lady, wife of PM Rishi Sunak), would be among beneficiaries of the dividend payment.

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NR Narayana Murthy (NRN) owned 1,66,45,638 shares or 0.46 per cent stake in Infosys, as per the March quarter shareholding pattern. The dividend of Rs 17.50 per share would add Rs 29.13 crore to NRN's wealth. NRN's wife Sudha N Murty would get Rs 60.46 crore in dividends on her 0.95 per cent (3,45,50,626 shares) stake. Rohan Murty, who owned 6,08,12,892 shares, or 1.67 per cent, stake in Infosys, would fetch Rs 106.42 crore in dividend income. Daughter Akshata Murty would earn a dividend of Rs 68.17 crore on 3,89,57,096 shares or 1.07 per cent stake she held as one of the Infosys promoters, as of March 31, 2023.

The actual dividend will be paid on July 3.

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Infosys paid Rs 6,309 crore in total dividends in FY22 and Rs 5,112 crore dividends in FY21. This is against Rs 11,391 crore dividends by HCL Technologies and Rs 7,686 crore dividend by TCS in FY22. TCS paid Rs 8,510 crore in dividends in FY21 and HCL Tech Rs 2,714 crore.

Infosys March quarter results was a miss on all fronts. Infosys' guidance of 4-7 per cent YoY revenue growth in CC terms for FY24 was against 13-15 per cent for FY23 at the start of the previous year. Analysts said Infosys' growth guidance was weak for FY24 and that growth differential with TCS may narrow going ahead. Infosys requires 1.7 per cent to 2.8 per cent compounded quarterly growth rate over the next four quarters to meet its guidance and analysts said the top end for the band appears to be a rather tall task.

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