Kajaria Ceramics Dividend: 600% Payout Announced, Q2 Net Profit Jumps Nearly 61%

Kajaria Ceramics Ltd on Friday declared an Interim Dividend of Rs. 6 per share of Re. 1 each for the financial year 2023-24. The company has set November 2, 2023, as the 'Record Date' for determining the entitlement of members of the Company to the aforesaid Interim Dividend. According to an exchange filing, the payment of the said Interim Dividend will be made on or before November 18, 2023.

In its second-quarter results announced today, the Tiles maker reported a 54.5% year-on-year (YoY) growth in net profit at Rs 108 crore. This growth was driven by higher revenue and lower expenses. Kajaria Ceramics clocked a 60.86% rise in consolidated net profit to Rs 110.82 Crore.

During this period, the company's revenue from operations stood at Rs 1,121.6 crore, up 4.1% compared to Rs 1,077.8 crore in the corresponding period of the prior fiscal.

EBITDA jumped 39% to Rs 179.8 crore in the second quarter of this fiscal against Rs 129.4 crore in the prior corresponding period.

In the chairman's address, the company's chairman and managing director Ashok Kajaria said, "Sustained weakness in domestic demand for tiles has impacted our Q2FY24 volumes which grew by 6% YoY to 26.47 MSM. The consolidated revenue for the quarter amounted to ~1122 crores, reflecting a 4% increase compared to the same period last year.

Our EBITDA margin improved to 16%, compared to 12% in Q2FY23 mainly on the back of a reduction in power and fuel costs."

As of September 30, 2023, the company has 159.26 million of Equity Shares Outstanding. When it comes to the shareholding pattern, Promoters own 47.49%, DII's own 25.45%, FII's own 18.48%, while 8.58% is owned by the public and others.

Today, Kajaria Ceramics shares closed 2.19% lower at Rs 1232.45 per share.