MM Forgings shares in focus after company announces 1:1 bonus issue

The company informed the exchanges in a filing on May 29 that its board of directors recommended bonus shares in the ratio of 1:1. This means the eligible shareholders will be receiving one free equity share of face value ₹10 for every share they hold.

The company said that the record date for the payment for issue of bonus shares has been fixed as July 16 and the the date by which bonus shares will be credited as stipulated by law is July 28. The issue of bonus shares will be approved in the AGM(Annual General Meeting) scheduled to be held on July 8.

The auto component manufacturer also informed the exchange about the declaration of an interim dividend on May 29. The company’s board has recommended an interim dividend of ₹8 per equity share on a face value of ₹10 each, which in translates to a payout of 80%. The company has said that the record date for payment of dividend is June 7.

The company also announced its results for the fourth quarter of FY24 and the full fiscal year.

MM Forgings Q4 result

The company’s consolidated revenue from operations for the fourth quarter of FY24 grew more than 2% to ₹396.83 crore compared to ₹387.42 crore in the year-ago period. The company’s consolidated revenue from operations remained flat on a quarter-on-quarter basis compared to ₹397.37 crore in the quarter ended December 2003.

The company’s revenue from operations for FY24 increased nearly 7% to ₹1,547.11 crore compared to ₹1,447.71 crore in FY23.

The company’s PAT (Profit-After-Tax) for the March quarter grew more than 19% to ₹36.79 crore compared to ₹30.79 crore in the same quarter of the preceding fiscal. Sequentially, the company’s net profit grew nearly 10% from ₹33.54 crore in the quarter ended Q3FY24. The automotive company’s PAT for FY24 grew more than 5% to ₹134.79 crore compared to ₹127.95 crore in the preceding fiscal.

MM Forgings shares closed 5.9% lower at ₹1,194 apiece on the NSE.