Dalmia Bharat Hit 52-Week-High As Board Sets Record Date For 250% Dividend

Dalmia Bharat is a large cap company that deals in the cement sector. The stock opened today at Rs 2170.65 apiece and went on to hit a fresh 52-week-high Rs 2,182.85 during the morning deals. The upside trend witnessed in the stock after the Board of Directors of Dalmia Cement fixed record date for 250% dividend.

"Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Company has fixed Friday, June 23, 2023 as the "Record Date" in respect of final dividend for the Financial Year 2022-23 of Rs. 5/- per equity share (250%) recommended by the Board of Directors at its meeting held on April 25, 2023. Further, the Company has fixed Friday, June 23, 2023 as the "Cut-off Date" for the purpose of determining the members eligible to vote on the resolutions set out in the Notice of 10th Annual General Meeting. The remote e-voting period commences on Monday, June 26, 2023 (09:00 a.m. IST) and ends on Thursday, June 29, 2023 (05:00 p.m. IST)," said Dalmia Bharat in a stock exchange filing.

Dalmia Bharat has announced an equity dividend of 450.00%, or Rs 9 per share, for the fiscal year ended March 2023. This generates a dividend yield at the current share price of Rs 2,127.80 of 0.42%. The company has a solid track record of dividend declarations during the past five years. According to Trendlyne's statistics, Dalmia Bharat Ltd. has issued 6 dividends since August 22, 2019.

In the quarter March 2023, the firm stated a two-fold rise in its consolidated net profit, coming in at Rs 609 crore. This compares to a net profit of Rs. 271 crore in the same time last year. The revenue from operations was up 15.73 per cent to Rs 3,912 crore during Q4FY23 as against Rs 3,380 crore in Q4FY22. In Q4/FY 2022-23, Dalmia Bharat's overall expenses increased 17.23% to Rs 3,605 crore. Additionally, its sales volume in the March quarter climbed 13.3% to 7.4 MnT (million tonnes).

Dalmia Bharat's consolidated net profit for the whole fiscal year ended March 2023 increased by 27.69% to Rs 1,079 crore. It declared a net profit for FY22 of Rs. 845 crore. Its revenue from operations increased by 19.97% to Rs 13,540 crore in 2022-2023. In FY22, the amount was Rs 11,286 crore in FY22. Dalmia Bharat's volume climbed 15.9% to 25.7 MnT during the fiscal year 2022-2023.

During Q4FY23, the company reported promoters shareholding of 55.86%, FIIs stake of 12.87%, DIIs stake of 8.53%, Govt stake of 0.13% and public stake of 22.59%.