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This Smallcap IT Stock Declares 700% Interim Dividend, Fixes Record Date; Do you Own?

Sonata Fixes Record Date: Sonata Software Ltd, while announcing its second-quarter earnings for the current fiscal year or Q2 FY23, said that its board has also declared an interim dividend of Rs 7 per share for FY 2022-23 and has also fixed the record date for the purpose of the dividend.

“We wish to inform you that at the meeting of the Board of Directors of the company held on 18th October, 2022, declared an Interim Dividend of Rs. 7.00 per share (700 per cent on the par value of Rs. 1/-) for the financial year 2022-23. The record date for the purpose of payment of the Interim Dividend will be on Tuesday, 1st November, 2022,” the Indian IT company informed in an exchange filing on Wednesday.

A dividend means the distribution of surplus from the profits by a listed company to its shareholders. Sonata Software has a good dividend track record with a high dividend yield.

Trendlyne data suggest that since November 2000, the company has declared 46 dividends. In the last FY, the firm announced a 2100 per cent or Rs 21 per share, that at the current share price, amounts to a dividend yield of close to 5 per cent.

The Interim Dividend will be paid to the registered shareholders on or after Monday, 14th November, 2022 through electronic mode or by dividend warrants, as applicable.

“Pursuant to the amendments introduced in the Income Tax Act, 1961 (Act), vide Finance Act, 2020, w.e.f. April 1, 2020, the Company will be required to withhold taxes at the prescribed rates on dividend paid to the shareholders. Hence, the Interim Dividend declared shall be paid after deducting tax at source (‘TDS’) in accordance with the provisions of the Income Tax Act, 1961,” it added.

Sonata Software Limited is a global technology company and is a service provider in business intelligence and analytics, application development management, mobility, cloud, social media, enterprise services, and infrastructure management services among others. The IT stock is down more than 22 per cent in 2022 (YTD) so far.

For the quarter ended September 2022, the company’s consolidated net profit came at Rs 112.7 crore, witnessing a year-on-year (YoY) growth of 24 per cent, on the back of its revenue rises 55 per cent from the year-ago quarter to Rs 1,496 crore.

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