Rs 11.25/Dividend: Specialty Chemical Stock Sets Record Date For 225% Payout

Excel Industries is a small cap specialty chemical company. The company is a leader in both sustainable waste management and indigenous chemical technology, making it one of India's first domestic chemical manufacturers. It is also one of India's top producers of quality veterinary APIs and specialty polymer additives. The company has declared a final dividend of 225% for FY23 and for the purpose of the same record date has been finalized.

Excel Industries Dividend

For the fiscal year 2022-2023, the Board recommended a dividend of Rs. 11.25 (225%) per equity share with a face value of Rs. 5; however, this recommendation is subject to shareholder approval at the Company's upcoming Annual General Meeting (AGM). The dividend will be paid within 30 days following the shareholders' AGM declaration of it.

While announcing the record date for the above-said dividend, the company informed stock exchanges that "This is to inform you that Thursday, 07th September, 2023 has been fixed as the Record Date for the purpose of determining the shareholders of the Company who would be entitled for Final Dividend on Equity Share Capital of the Company for the Financial Year 2022-23, if declared by the Members at the ensuing 62nd Annual General Meeting."

Excel Industries Financials

The firm reported net sales of Rs 214.28 crore on a consolidated basis in the June 2023 quarter, which was down 34.83% YoY from Rs 328.81 crore in the corresponding quarter in the previous year. In Q1FY24, the company's net profit was Rs 5.88 crore, down 84.14% YoY from Rs 37.05 crore in Q1FY23. According to Excel Industries, its EBITDA for the quarter under review was Rs. 17.06 crore, down 70.48% from the Rs. 57.80 crore recorded for the same quarter last year. In comparison to Rs. 29.47 in the same quarter of FY23, Excel Industries' EPS in the first quarter of FY24 was Rs. 4.67.

Excel Industries Share Price

On Monday, the shares of Excel Industries opened on the BSE at Rs 883.05 apiece and while writing this copy the scrip was trading at Rs 859 with a downside gap of 3.29% over the previous close of Rs 888.25. The stock made a 52-week-high of Rs 1,574.65 on (14/09/2022) and a 52-week-low of Rs 758.00 on (28/03/2023). During Q1FY24, the company reported promoters shareholding of 52.60%, FIIs stake of 0.74%, DIIs stake of 6.99% and public stake of 39.68%.