Infosys founder Narayana Murthy’s grandson, Ekagrah Rohan, will earn Rs 4.2 crore in dividend income from the IT giant at just five months of age.
This comes after Mr Murthy gave the little boy 15 lakh shares (0.04% stake) of Infosys last month, valued at over Rs 240 crore.
As per an exchange filing, Ekagrah owns 15,00,000 shares of Infosys. The transaction was conducted “off-market”, the filing revealed.
Ekagrah Rohan Murty, born on November 10 last year in Bengaluru, is the third grandchild of Narayana Murthy and Sudha Murthy, joining siblings Krishna and Anoushka. While Ekagrah is the son of Rohan Murthy and Aparna Krishnan, Krishna and Anoushka are the daughters of Akshata Murty and UK Prime Minister Rishi Sunak.
Infosys announced a 30% rise in fourth-quarter profit, reaching Rs 7,969 crore compared to last year’s Rs 6,128 crore. Revenue also saw a slight increase to Rs 37,923 crore. In the fiscal year ending March 2024, net profit rose by 8.9% to Rs 26,233 crore, and annual income from operations increased by 4.7% to Rs 1,53,670 crore. The Infosys board recommended a final dividend of Rs 20 per share for FY24, along with a special dividend of Rs 8 per share. Additionally, Infosys plans to acquire a German firm, in-tech, in an all-cash deal worth 450 million euros.
For the next financial year, Infosys expects a 1-3% revenue growth. Research firm Motilal Oswal said Infosys’s prediction for how much they will grow in revenue in FY25 is lower than what they thought it would be. But they think Infosys could do better in the medium term. Another firm, Nuvama, thinks Infosys might start growing faster later in FY25, but until then, their stock might not do as well compared to companies like TCS, reported Business Today.