Rs. 12/Share Dividend: Record Date On Monday, July 29; Buy To Be An Eligible Shareholder?

The leading online classifieds firm in India for employment, marriage, real estate, education, and related services is Info Edge (India). It was established on May 1, 1995, and on April 27, 2006, it became a public limited company. Following the announcement of the company's financial results for the quarter and year ended March 31, 2024, which included a dividend recommendation of Rs 12 per share, Info Edge (India) shares completed today's special trading session on the NSE at a 5.90% upper circuit limit of Rs 6,212.95.

Info Edge India Dividend

"The Board has approved date of the 29th Annual General Meeting as Wednesday, August 28, 2024. The Board has also recommended a Final Dividend of Rs. 12/- per share (on face value of Rs.10/- per share) for the financial year 2023-24 subject to declaration of the same by the members at the 29th Annual General Meeting of the Company," said the company in a stock exchange filing.

"Record date for the purpose of determining the name of the members eligible for receipt of the Final Dividend will be Monday, July 29, 2024. Accordingly, shareholders whose name appear (a) as Beneficial owners as on Monday, July 29, 2024 (close of business hours) as per the list to be furnished by the Depositories in respect of shares held in electronic form, and (b) as members in register of members of the Company as on Monday, July 29, 2024 (close of business hours) would be entitled for the said dividend pay-out. The dividend if approved by the shareholders at the Annual General Meeting would be paid, subject to deduction of tax at source on or after September 5, 2024," Info Edge India informed stock exchanges.

Info Edge India Financials

For the quarter that ended on March 31, 2024, Info Edge (India) Limited reported a 7.9% growth in its revenue from operations, reaching Rs 608.3 crore on a standalone basis, up from Rs 564.0 crore in the equivalent period of the previous fiscal year. The firm saw an increase in operating profit of 8.9%, to Rs 224.8 crore on a standalone basis in Q4FY24 from Rs 206.3 crore in Q4FY23, and boosted its operating profit margins to 37.0% of revenue. For the quarter, the standalone firm brought in cash from operations (before tax) of Rs 467.6 crore, a 13.2% YoY growth.

Mr. Hitesh Oberoi, Managing Director and Chief Executive Officer said "I'm encouraged to see a slight rebound in our recruitment business after several weak quarters. Excellent execution in both 99acres and Jeevansathi helped reduce operational losses in these verticals from Rs. 198cr in FY23 to Rs. 68cr in FY24 with Rs. 21cr cash generation in Q4"

Mr. Chintan Thakkar, Director and Chief Financial Officer said "Our cash from operations grew by 13.2% year-over-year in Q4FY24, reaching a cash balance of Rs. 4,191cr as of March 31st, 2024. This consistent performance in cash flow generation underscores our company's robust financial health and positions us well for future investments and shareholder returns."

Info Edge India Share Price Target

Mandar Bhojane -Equity Research Analyst at Choice Broking said, "NAUKRI, currently trading at Rs 6222, has recently broken out above Rs 6000 and formed a rounding bottom pattern breakout on the daily chart. The immediate resistance is near the Rs 6400 level, and the current price is exhibiting strong bullish momentum, expected to continue towards the Rs 7200 level. On the flip side, there is strong support near Rs 5800 & Rs 5600. Moreover, NAUKRI is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, indicating robust bullish momentum and suggesting potential for further upward price movement. The Relative Strength Index (RSI) is presently at 64, showing an upward trajectory and indicating increasing buying momentum."

"Additionally, the Stochastic Relative Strength Index (Stoch RSI) exhibits a positive crossover. These technical indicators collectively suggest that NAUKRI may have the potential to reach a target price of Rs 7200 in the near term. To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 5600 to safeguard the investment in the event of an unexpected market turn. A prudent strategy would be to consider buying on dips at levels of Rs 5900 and Rs 5800. Overall, considering the technical analysis and current market conditions, NAUKRI presents a promising buying opportunity for those aiming for a Rs 7200 price target, provided that prudent risk management measures are in place," the analyst added.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.