Rs 7/Share Dividend Declared: What Chart Pattern Suggests Ahead of Record Date?

Currently, a subsidiary of NRB Bearings Limited, SNL Bearings Ltd is in the field of manufacturing industrial bearings used in textile machinery and household appliances, as well as Needle Roller Bearings for the automotive industry. Original Equipment Manufacturers (OEMs) get around 90% of the company's production, with the remaining percentage going towards exports and the replacement market. One of the top producers of needle roller bearings in India is SNL. It produces an extensive selection of needle roller bearings for automotive applications, catering to OEMs and aftermarkets in India and abroad. It has been one of the top suppliers to several well-known brands in the automobile industry for more than 20 years, including BAJAJ, LML, KINETIC ENGG.TVS, MARUTI, and TATA MOTORS. In addition, it produces some industrial bearings that are utilised in textile machinery and home appliances. SNL exports its products to a wide range of nations worldwide.

SNL Bearings Dividend

The Board of Directors "Recommended Final Dividend of Rs. 7.00/- (Rupees Seven Only) i.e. 70% (Seventy percent) per equity share of Rs. 10/- each fully paid up, for the financial year ended March 31, 2024, subject to the approval of the members at the ensuing Annual General Meeting, which will be paid to the members within 30 days of its declaration thereat," said the company in a stock exchange filing.

SNL Bearings Financials

In Q4 FY24, the company's revenue was Rs. 1,146 lakhs, up from Rs. 1,133 lakhs in Q4 FY23. EBITDA increased to Rs. 337 lakhs in Q4 FY24, an incredible 28.1% growth from Rs. 263 lakhs in Q4 FY23. The Q4 FY24 EBITDA Margin shot up to 28.1%, up 559 basis points. PAT was Rs. 207 lakhs in Q4 FY24 as opposed to Rs. 153 lakhs in Q4 FY23. PAT margin climbed by 417 basis points to 17.3%.

"With a change in its product mix and focus on emerging segments and new markets, the company, is poised to capitalize on growing market demand," said SNL Bearings in a regulatory filing.

SNL Bearings Share Price Target

"SNL Bearings stock price is bearish on the Daily charts with strong resistance at 394. A Daily close below support of 367 could lead to a target of 328 in the near term," said AR Ramachandran from Tips2trades.

Disclaimer

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