5% Dividend Recommended: Smallcap IT Company Declares Dividend For 3 Of 5 Years; Shares Rally
Dev Information Technology, a small-cap IT firm, has made headlines by declaring a 5% final dividend for its shareholders. This announcement marks the third consecutive year the company has rewarded its investors with dividends while maintaining robust financial health.
The Board of Directors at Dev IT, while reviewing the company’s unaudited financial results for the fourth quarter of the fiscal year 2024 (Q4FY24), recommended a final dividend of Rs 0.25 per equity share, translating to a 5% payout. This proposed dividend is pending approval at the upcoming Annual General Meeting (AGM).
This dividend declaration is a testament to our dedication to sharing our profits with our valued shareholders while maintaining a healthy financial position,” the company stated.
This latest dividend continues a trend set in previous years. In 2023, Dev IT also declared a 5% final dividend, trading ex-dividend on September 22, 2023. The year before, in 2022, the company declared a higher final dividend of Rs 0.50 per share or 10%, with the stock trading ex-dividend on September 22, 2022.
The dividend announcement coincided with Dev IT’s Q4FY24 financial results, which showcased significant growth. The company reported a total income of Rs 38.13 crore for Q4FY24, a substantial increase from Rs 30.97 crore in Q4FY23. This 23% year-over-year rise in income reflects Dev IT’s strong revenue growth and underscores its potential to continue rewarding shareholders in the future.