Kirloskar Industries releases Q4 numbers, declares 110% dividend; stock jumps 15%
Kirloskar Industries dividend: The dividend, if approved by the members shall be paid on or before 11 September 2023.
Shares of Kirloskar Industries jumped 15 per cent to Rs 2,913.70 apiece on the BSE on May 23, Tuesday, after the company released its March quarter numbers and declared a dividend of 110 per cent for fiscal 2022-23.
The company, in its filing, said, "The Board of Directors has recommended a dividend of Rs 11 (110 per cent) per equity share of Rs 10 each for the Financial Year 2022-2023, subject to the approval of the members of the Company at the ensuing Annual General Meeting of the Company and the same shall be paid through National Electronic Clearing System (NECS) or vide dividend warrants, as the case may be. The dividend, if approved by the members shall be paid on or before 11 September 2023."
On a consolidated basis, Kirloskar Industries' net profit stood at Rs 43.87 crore for the quarter ended March 2023. In the year-ago period, the net profit was Rs 0.12 crore. Total revenue from operations came in at Rs 1,574.79 crore, up 51 per cent against Rs 1,037.36 crore in the March 2022 quarter. Basic earnings per share (EPS) for the quarter was Rs 44.43.
Further, the company informed that the Board of Directors has given its consent for the conversion of 6,00,00,000 Optionally Convertible Debentures (OCDs) of Rs 10 each of Avante Spaces Limited (Avante), a wholly-owned subsidiary of the Company, held by the Company into 27,24,868 fully paid-up equity shares of Avante of the face value of Rs 10 each at a conversion price of Rs 253.64.
Moreover, the Board has allotted 654 equity shares of Rs 10 each upon exercise of Equity Settled Stock Appreciation Rights (ESARs) pursuant to the Kirloskar Industries Limited - Employees Stock Appreciation Rights Plan 2019. Accordingly, the paid-up share capital of the Company has increased from 98,84,565 equity shares of Rs 10 each aggregating to Rs 9,88,45,650 to 98,85,219 equity shares of Rs 10 each aggregating to Rs 9,88,52,190.
At the time of writing this report, the stock was trading nearly 9 per cent higher at Rs 2,758 on the BSE.
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