Five-month-old boy Ekagrah Rohan Murty, grandson of Infosys founder NR Narayana Murthy, is set to earn Rs 4.2 billion as the IT giant announces final dividend and special dividend on April 18.
Infosys announced a total dividend of Rs 28, including a final dividend of Rs 20 and a special dividend of Rs 8, on Thursday while announcing the company's fourth quarter results.
The base date for payment of final dividends and special dividends has been confirmed as May 31, and the payment date is July 1.
Last month, Narayana Murthy gifted shares worth Rs 240 crore to Ekagrah.
Ekagrah acquired 1.5 million shares, or 0.04% stake, in India's second-largest information technology services company. Considering the entire Rs 28 dividend, Ekagrah will earn Rs 4.2 crore.
Following this acquisition, Murthy's stake in Infosys has decreased from 0.40% to 0.36%, or over 1.51 billion shares. The transaction method was ‘off market’. However, the overall value of Ekagrah's Infosys shares has declined by Rs 30 crore as each has fallen by about Rs 200 since receiving the gift. At 11:15 am on April 19, Infosys shares were trading 1.2% lower at Rs 1,402.4 per share.
In November 2023, Murthy and his wife, author and philanthropist Sudha Murty, became grandparents after their son Rohan Murty and wife Aparna Krishnan gave birth to a baby boy. The newborn is the third grandchild for the Murthys, the grandparents of British First Lady Akshata Murty's two daughters.
On April 18, Infosys reported net profit of Rs 7,969 crore for the fourth quarter ended March 2024, up 30% year-on-year. However, revenue in January-March 2024 rose only 1.3% year-on-year to Rs 37,923 crore compared to Rs 37,441 crore a year ago.
Infosys' net profit for the corresponding quarter last year was Rs 6,128 crore.
Year-on-year, Infosys' revenue declined 2.3% to Rs 37,923 crore during the March 2024 quarter, compared to Rs 38,821 crore in the previous December 2023 quarter. Net profit increased by 30.5% sequentially.