Finolex Cables announces 350% dividend per share: Check ex-record date, payment date

Finolex Cables Dividend 2023 Record Date: Finolex Cables, a midcap stock, has announced a dividend payout of 350 per cent per share of a Rs 2 face value. This turns out to be Rs 7 dividend per share. The board at its meeting held on May 26 had recommended a dividend of 350 i.e. Rs 7 per equity share for the financial year 2022-23, it said in the filing.

Finolex Cables Dividend 2023: Record Date 

Finolex Cables in an exchange filing on Wednesday said that its board has fixed September 22 as the record date.

Finolex Cables Dividend 2023: Payment 

The dividend, if approved at the AGM, shall be paid on or before October 28, according to a company filing.

"The record date for determining the entitlement for receiving Dividend for the Financial Year 2022-23, is Friday, September 22, 2023. The said dividend, if declared at the AGM, will be subject to deduction of tax at source as applicable and will be paid on or before 28th October, 2023 to those Members whose names appear in the Register of Members as on the date of the AGM...," the company said in a statement on BSE.

On Wednesday, Finolex Cables shares closed higher by around 1 per cent at Rs 1024.90 on BSE.

Finolex Cables' net profit in the June 2023 quarter increased 34 per cent to Rs 160.4 crore as compared to Rs 119.6 crore in the same quarter in the last financial year. The revenue of the company grew 19 per cent to Rs 1,204.3 crore as against Rs 1,015.7 crore for the quarter ended on June 30, 2022.

In an exclusive conversation with Zee Business, Mahesh Viswanathan, CFO, Finolex Cables, said that all the segments in the quarter showed strong growth. On the performance of the appliances segment, he said that the management is hopeful for registering good numbers going forward.

The electrical cable segment posted volume growth of 20 per cent, he said. "If the real estate sector continues to perform well in the coming quarters, then we will be able to maintain this volume growth," Mahesh said.

Finolex Cables is a midcap stock having a market cap of Rs 15.67 thousand crore. It is a leading manufacturer of electrical and telecommunication cables in the country.