FMCG Stock Declares Rs 2/Share Dividend After Gaining 109.25% From 52W Low

With a market valuation of Rs 100.30 Cr, Kovilpatti Lakshmi Roller Flour Mills Ltd is a small-cap company in the FMCG industry. Kovilpatti Lakshmi Roller Flour Mills Limited (formerly KLRF Limited) commenced out in 1964 and has since grown to encompass castings, sheet metal fabrication, and renewable energy. In South India, Kuthuvilakku is a well-known brand that is recognised for its superior wheat flour and related products.

"The Board of Directors has recommended a dividend of Rs.2/- (Rupees Two only) per equity share having a face value of Rs.10/- for the financial year ended 31st March, 2023. The dividend, if approved by the shareholders at the ensuing 61st Annual General Meeting, will be paid to those shareholders whose names appear in the register of members / list of beneficial owners as on the Record Date within the prescribed time, after deducting applicable TDS," said Kovilpatti Lakshmi Roller Flour Mills in a stock exchange filing.

"The Register of Members and Share Transfer Books of the Company will be closed from Saturday, 23rd December, 2023 to Friday, 29th December, 2023 (both days inclusive) for the purpose of the ensuing 61st Annual General Meeting and for payment of dividend for the financial year 2022-23, if approved by the shareholders at the ensuing 61st Annual General Meeting.

The Record date for determining the members eligible to receive the aforesaid dividend will be Friday, 22nd December, 2023 ("Record Date"). The dividend will be paid to those shareholders whose name appears on the Register of Members maintained by the Company / List of Beneficial Owners as received from the depositories as on 22nd December, 2023 (Record Date)," informed Kovilpatti Lakshmi Roller Flour Mills to the stock exchanges.

The Board of Directors has granted approval and recommended that Sri. Suresh Jagannathan (DIN: 00011326), who turns 70 on May 1, 2026, has been reappointed as the company's executive chairman for a further five years, beginning on March 12, 2024.

The Board has recommended that M/s VKS Aiyer & Co, Chartered Accountants, Coimbatore, who currently hold a valid peer review certificate from the Institute of Chartered Accountants of India, be reappointed as branch auditors for the company's engineering division. They will serve in this position for five years in a row, starting from the end of the 61st Annual General Meeting and ending at the end of the 66th Annual General Meeting, which is scheduled to take place in 2028.

The company reported a revenue from operations of Rs 90.35 crore in the September 2023 quarter up 6.1% from Rs. 85.15 crore in the September 2022 quarter. Its net profit stood at Rs. 3.71 crore in Q2FY24 down 36.99% from Rs. 5.89 crore in Q2FY23. EBITDA for the firm dropped by 20.46% to Rs. 7.97 crore in the quarter under review from Rs. 10.02 crore in the corresponding quarter last year.

On Friday, the shares of Kovilpatti Lakshmi Roller Flour Mills closed on the BSE at Rs 181 apiece. The scrip reached a 52-week-high of Rs 237.80 on (27/09/2023) and a 52-week-low of Rs 86.50 on (28/03/2023), indicating that at the current market price, the stock has gained 109.25% from its 1-year low and trading at a discount of 23.88% from its 1 year high.