Dwarikesh Sugar Dividend 2023: Dwarikesh Sugar Industries Ltd has announced a whopping 200 per cent dividend to its shareholders. The company has announced a dividend of Rs 2 per equity share having a face value of Rs 1.
“Date for the purpose of payment of Interim Dividend at 200 per cent i.e. Rs 2/- per Equity Share of Rs 1/- each declared by the Board of Directors in its meeting held on March 20, 2023, for the Financial Year 2022-23,” the filing said.
This is the second interim dividend in the current financial year. Dwarikesh Sugar declared a dividend of Rs 2 in April last year respectively. “The interim dividend will be paid within stipulated as prescribed under law,” the filing said.
Since October 31, 2005, Dwarikesh Sugar Industries Ltd. has announced 9 dividends, according to data from Trendlyne, and in the last 12 months, the company has also declared an equity dividend of Rs 2.00 per share. This generates a dividend yield of 2.38 per cent at the current share price of Rs 83.85.
The company has fixed March 31 as the record date to determine the eligibility of shareholders for the said dividend payment.
The shares of Dwarikesh Sugar will go ex-dividend a day or two days before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.
“We are pleased to reward our shareholders with an interim dividend for the current financial year. This follows a steady business performance and a robust financial position. The interim dividend is a testimony of our commitment to reward shareholders after earmarking adequate resources for business reinvestment,” said Vijay S Banka, MD, Dwarikesh Sugar Industries.
“We remain committed to rewarding our shareholders. Our broad based and diversified revenue mix will help mitigate uncertainties associated with the sugar business and accelerate evolution of our company into a bio-fuel organization,” he added.
During Q3FY23, the company recorded a net income of Rs 391.73 Cr compared to Rs 602.32 Cr recorded during Q3FY22. The company’s net expenses reached Rs 370.71 Cr during the quarter ended December 2022 compared to Rs 557.32 Cr recorded during the quarter ended December 2021. Dwarikesh Sugar Industries said its EBIT stood at Rs 21.02 Cr during Q3FY23 compared to Rs 45.00 Cr during the year-ago quarter and its net profit stood at Rs 10.52 Cr compared to 28.88 Cr reported in the December quarter of FY22. The EPS of Dwarikesh Sugar Industries reached Rs 0.56 during Q3FY23 against Rs 1.53 during Q3FY22.
During Q3FY23, the company recorded a promoter shareholding of 42.09 per cent, FIIs stake of 5.66 per cent, a DIIs stake of 3.27 per cent, a Government stake of 0.13 per cent, and a public stake of 48.84 per cent. According to Trendlyne data, Promoters’ holdings are intact at 42.09 per cent in the December 2022 quarter, FII/FPI holdings are down from 7.01 per cent in the September 2022 quarter to 5.66 per cent in the December 2022 quarter, Mutual Fund holdings are constant at 3.25 per cent in the Q3FY23, and Institutional Investors’ holdings are down from 10.39 per cent in the Q2FY23 quarter to 9.06 per cent in the Q3FY23 quarter.
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