Narayana Murthy’s 17-Month Old Grandson Earns Over Rs 10 Crore So Far In Dividends From Infosys
The Infosys co-founder gifted shares worth Rs 240 crore to his grandson Ekagrah Rohan Murty in 2024.
Ekagrah Rohan Murty, the 17-month-old grandson of Infosys Co-Founder NR Narayana Murthy, will receive Rs 3.3 crore from the company’s final dividend for the financial year ending March 2025. This will take his total dividend earnings so far to Rs 10.65 crore.
Infosys on Thursday declared a final dividend of Rs 22 per share. Ekagrah holds 15 lakh shares, amounting to a 0.04% stake in the company.
The record date for the dividend has been fixed as May 30, and the same will be paid on June 30.
In 2024, Murthy, who has publicly advocated for a ‘70-hour work week’ to boost India’s productivity, gifted 15 lakh Infosys shares to his grandson. At the time of the gift, the shares were valued at over Rs 240 crore.
Ekagrah, born on November 2023, was four months old at the time. At 1 year and 5 months, he is one of India’s youngest millionaires.
The Bengaluru-based software developer announced three dividends totalling Rs 49 per share ever since Murthy was gifted the company's shares. Based on this, Ekagrah received Rs 7.35 crore in interim payouts earlier in the year. His total dividend earnings from the company for the financial year stand at Rs 10.65 crore.
Infosys reported its fourth-quarter results on Thursday. Revenue declined 2% sequentially to Rs 40,925 crore in the quarter ended March. That compares with the Rs 42,126 crore consensus estimate of analysts tracked by Bloomberg. Net profit rose 3% over the previous quarter to Rs 7,033 crore, exceeding the Rs 6,697-crore estimate.
Shares of Infosys closed 0.45% higher at Rs 1,419.50 apiece on the National Stock Exchange, compared to a 1.77% rise in the benchmark Nifty 50 ahead of the results announcement. The stock is up marginally by 0.02% in the last 12 months and fell 24.49% on a year-to-date basis.
Out of 47 analysts tracking the company, 33 have a 'buy' rating on the stock, nine recommend ‘hold’ and five suggest ‘ sell’ according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 32.4%.
