Narayan Murthy’s Grandson Receives ₹4.2 Crore Dividend from Infosys Holdings
Narayana Murthy, the founder of Indian tech company Infosys, gifted his grandson, Akshay Murthy, 15 lakh shares worth ₹4.2 crore. This generous gift was given on the occasion of his grandson’s birthday, approximately valued at around ₹210 crore.
Infosys announced its financial results for the fourth quarter of the fiscal year 2024 on April 18. The company declared a dividend of ₹28 per share for this quarter for its shareholders. The final dividend amounts to ₹20 per share, with an interim dividend of ₹8 per share.
In FY24 Q4, Infosys saw its net profit increase by approximately 30% to reach ₹7,969 crore. Compared to the same quarter last year (Q4FY23), where the company’s net profit stood at ₹6,128 crore. Meanwhile, in Q3FY24, the net profit of Infosys was ₹11,058 crore.
Following the announcement of the results, Infosys‘ stock is trading nearly 1% lower, hovering around ₹1400. However, Jefferies maintains a BUY rating with a target price of ₹1,630, suggesting a 14% upside potential.
Narayana Murthy named his grandson Rohan Murthy nearly 5 months ago. On November 10th, Narayana Murthy and Sudha Murthy became grandparents when their son Rohan Murthy and daughter-in-law Aparna Krishna became parents. Narayana Murthy and Sudha Murthy also have two granddaughters named Krishna Sunak and Anushka Sunak. Both youngsters are the daughters of British Prime Minister Rishi Sunak and Akshata Murthy.
Infosys was founded in 1981 by Narayana Murthy. Since then, he served as the CEO of the company until 2002. Subsequently, from 2002 to 2006, he held the position of chairman of the board.
In August 2011, Murthy retired from the company as chairman emeritus. However, he returned to Infosys once again in 2013, this time as executive chairman. During this period, his son Rohan Murthy worked as his executive assistant.
