Large Cap Stock Bharat Forge Sets Record Date For 275% Dividend, FII Trims Stake In Q4

Large-cap firm Bharat Forge operates in the nation's metal industry. One of the top forging firms in India is Bharat Forge. Automotive, Railways, Aerospace, Marine, Oil & Gas, Power, Construction, and Mining are just a few of the industries that the Kalyani Group-affiliated firm serves as a global leader in metal forming. being the largest forging firm in the world as well as one of the best for the automotive and aerospace industries. The corporation has established a record date for the FY23 275% dividend.

"This is further to our letter dated May 05, 2023, wherein it was informed that the Board of Directors of the Company at its meeting held on Friday, May 05, 2023, had inter alia recommended final dividend of Rs. 5.50/- i.e. at the rate of 275% per equity share having face value of Rs. 2/- each for the financial year ended on March 31, 2023, subject to the approval of the shareholders at the ensuing Annual General Meeting ("AGM") of the Company. Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the purpose of determining entitlement of members to final dividend, the Company has fixed Friday, July 07, 2023 as the Record Date. The payment of dividend, if approved at the 62nd AGM of the Company to be held on Thursday, August 10, 2023 will be made on or after Friday, August 18, 2023," said Bharat Forge in a stock exchange filing.

For the quarter ended March 31, 2023, the firm recorded a standalone net profit of Rs. 245 crore, down 7% from the same quarter a year earlier when compared to a net profit of Rs. 262 crore. The standalone revenue from operations of Bharat Forge increased by 19.3% to Rs 1,997 crore for the fourth quarter ended in March 2023 compared to Rs 1,674 crore in Q4FY22. Its EBITDA increased by 13.2% to Rs 488 crore from Rs 431 crore in Q4FY22. Margin was 24.4%, a 131 bps YoY decrease from 25.7%.

During Q4FY23, the company recorded promoters shareholding of 45.26%, FIIs stake of 16.17%, DIIs stake of 27.70%, Govt stake of 0.18% and public stake of 10.70%. As per the shareholding pattern of Bharat Forge for January to March 2023 quarter, promoters holding was flat at 45.25% in March 2023 quarter, FII/FPI stake dipped from 17.88% in December 2022 quarter to 16.17% in March 2023 quarter, mutual funds stake dipped from 19.47% to 19.89% and institutional investors have decreased their stake from 44.15% in Q3FY23 to 44.05% in Q4FY23.