Miniratna CPSE Company To Pay Rs. 3.50 Interim Dividend Soon: Buy The Stock?
As of Wednesday’s closing session, Cochin Shipyard Ltd. has a market capitalization of Rs 23,010.36 Cr, making it a large-cap firm in the capital goods category.
With a Miniratna classification from the Indian government, Cochin Shipyard is one of the top shipbuilding and repair yards in the country. The company’s financial results for the quarter ending December 31, 2023, as well as the announcement of a second interim dividend of 70% for the fiscal year 2023-2024, have put the stock in focus.
Cochin Shipyard Dividend
The company has declared 02nd interim dividend of Rs. 3.50 per equity share of Rs. 5/- each fully paid-up (70%) for the financial year 2023-24 and has fixed Monday, February 12, 2024 as the record date for the aforesaid interim dividend, as per a stock exchange filing.
“The Board of Directors of the Company have recommended an interim dividend of Rs 3.50 per equity share of face value of Rs.5/- (Post sub-division) at the Board Meeting held on January 30, 2024. This is in addition to the interim dividend of Rs 8.00 per equity share of face value of Rs 10/- (pre sub-division) which was recommended by the board in the Board Meeting held on November 07, 2023.
The Shareholders of the Company on December 13, 2023 approved the sub-division of each equity share of the Company of face value of Rs. 10/- each fully paid up into 2 (Two) equity shares of face value of Rs. 5/- each fully paid up. The record date for the said sub-division was fixed as January 10, 2024,” said Cochin Shipyard in a statement.
Cochin Shipyard Financials
The company’s third quarter ending December 31, 2023, saw a net profit of Rs 244.4 crore. According to a regulatory statement by the firm, Cochin Shipyard reported a net loss of Rs 110.4 crore for the same period in the previous year.
Compared to the same time in the previous fiscal year, when it was Rs 641.6 crore, the business’s revenue from operations increased by 64.7% to Rs 1,056.4 crore in Q3FY24.
