Last Updated: April 05, 2023, 08:48 IST
Britannia Industries declares interim dividend
Britannia board has declared the fee of a whopping 7200 per cent dividend per share
Britannia Dividend 2023: FMCG main Britannia Industries has knowledgeable exchanges that its board has authorized the fee of an interim dividend to its shareholders. The firm in a submitting stated that the board at a gathering held on Tuesday thought-about and authorized the fee of dividend for the monetary 12 months 2022-23. The board of the corporate in its assembly held on Tuesday declared an interim dividend of 7200 per cent i.e, Rs 72 per fairness share of the face worth of Re 1 every for 2022-23, Britannia Industries stated in an trade submitting.
Britannia Dividend Yield
The board has declared the fee of a whopping 7200 per cent dividend per share, bearing a face worth of Re 1 every. Dividend is said on the face worth of the share and it has nothing to do with the market value. The dividend price is calculated as a proportion of the face worth of every share.
In May 2022, the biscuit and confectionery maker had paid a dividend of Rs 56.50 a share.
In August 2020, the corporate had paid a dividend of Rs 83 a share, which is the very best in its historical past of going public.
Britannia Dividend Record Date 2023
The firm has additionally mounted the document date for figuring out the eligibility of shareholders for the fee of dividend quantity. The document date is April 13. The inventory will even commerce ex-date on the identical date.
“the document date for figuring out the eligibility of shareholders for fee of Interim Dividend is Thursday, thirteenth April, 2023,” the filing read, adding that the interim dividend is subject to deduction/withholding of applicable taxes and will be paid within the stipulated timelines as prescribed under law.
The dividend payment by Britannia today could be to share the one-time profit it made in the December quarter from the sale of stake in French dairy subsidiary Bel SA.
The company accrued a one-time gain of Rs 376 crore from the sale of 49per cent stake in the joint venture firm.
Aided by the one-time gain, Britannia Industries’ net profit in the December quarter surged 151per cent on year to Rs 932 crore.
Even after excluding the one-time gain, growth in earnings of the ‘Bourbon’ biscuit maker was strong due to better topline and improvement in the operational performance.
Aided by the better-than-peers earnings growth, shares of the company have outperformed Nifty50 by a wide margin in the last 1 year. In the last 1 year, Britannia stock has given positive returns to the tune of 34per cent, whereas Nifty 50 has given negative returns of over 1per cent.
The high dividend payout is likely to act as a booster shot for the stock on Wednesday. On Monday, the stock ended flat at Rs 4,324.05 on the National Stock Exchange.
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