DCM Shriram stock in focus after 130% dividend announcement, Q4 net profit slide
Upstox
2 min read • Updated: May 7, 2024, 8:37 AM
Summary
Post the market hours on May 6, DCM Shriram informed the exchanges that its board of directors has declared an interim dividend of 130%, amounting to “₹2.6 per equity share” of face value of ₹2 each. The record date for the dividend payout was fixed as July 9.
The stock of DCM Shriram is in focus ahead of the market opening hours on Tuesday, May 7, as the sugar-to-chemicals seller drew attention with the release of its results for the fourth quarter of financial year 2023-24 (Q4FY24) a day earlier.
Post the market hours on May 6, DCM Shriram informed the exchanges that its board of directors has declared an interim dividend of 130%, amounting to “₹2.6 per equity share” of face value of ₹2 each.
The dividend payout will be subject to approval from shareholders at the ensuing annual general meeting (AGM) on July 13. The record date, to determine the shareholders eligible to receive the dividend, has been fixed as July 9.
DCM Shriram Q4 results
The New Delhi-headquartered firm posted a 37% year-on-year slide in its net profit at ₹117.8 crore in the quarter ended March 31, 2024, as against ₹186.7 crore in the year-ago period.
The revenue from operations came in at ₹2,399.3 crore in Q4FY24, down 11.8% as compared to ₹2,720 crore in Q4FY23.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹313.1 crore during the quarter under review, lower by 22.7% from ₹405.3 crore in the same period last year.
The results were declared after the market hours. Shares of DCM Shriram had surged at the bourses ahead of the release of the earnings report. The scrip settled 5.06% higher at ₹1,015.30 apiece on the NSE.
Year-to-date, the stock has declined by 1.35%, but it has marked a growth of 21% in the last one year period.