Rs 18/Share Dividend: Record Date On 15th July, Payable To Shareholders By 22nd August; Buy?

India Motor Parts & Accessories Limited (IMPAL), a TSF Group firm, markets automobile accessories and spare parts via its network of more than 70 branches, which together represent more than 50 manufacturers. The company released its financial results for the fiscal year that ended on March 31, 2024, coupled with the announcement of its highest-ever dividend since its founding.

India Motor Parts & Accessories Dividend

"A dividend of Rs.18/-per Equity Share of Rs. 10/- each (180%) has been recommended for the financial year 2023-24 on paid up capital of Rs. 12.48 crores, subject to approval of the shareholders at the ensuing 70th Annual General Meeting (AGM). The dividend, if approved by the shareholders, will be paid on or before 22nd August, 2024, to those Shareholders whose names appear in the Register of Members of the Company as on Monday, 15th July, 2024," said the company in a regulatory filing.

India Motor Parts & Accessories Financials

India Motor Parts & Accessories' net profit dropped by 22.06% to Rs 19.82 crore in the quarter that ended in March 2024 from Rs 25.43 crore in the quarter that ended in March 2023. Sales in Q4FY24 jumped by 5.13% to Rs 178.56 crore from Rs 169.84 crore in Q4FY23. EBITDA fell by 25.78% from Rs. 32.78 crore in March 2023 to Rs. 24.33 crore in March 2024. Net profit for the entire year dropped by 1.62% to Rs 73.92 crore in the fiscal year that ended in March 2024 from Rs 75.14 crore in the fiscal year that ended in March 2023. Sales went up by 2.10 percent to Rs 741.16 crore in FY24 from Rs 725.92 crore in FY23.

India Motor Parts & Accessories Share Price Target

"India Motors Parts stock price is bullish on the Daily charts with strong support at 970. A daily close above resistance of 1045 could lead to a target of 1142 in the near term," AR Ramachandran from Tips2trades commented.

Disclaimer

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