This Mid Cap Sugar Company Declares 2nd Interim Dividend: Details Inside

EID Parry (India) Ltd is a mid-cap sugar company having a market cap of Rs. 7,308.32Cr. Sugar and Nutraceuticals are the two main businesses of the corporation. The Company is part of the INR 369 billion Murugappa Group, one of India's major corporate giants, and is headquartered in Chennai, India. E.I.D. Parry's 9 sugar plants are situated across South India, making it one of India's largest sugar producers.

The company has set a second interim dividend of Rs 5.50 per share for the financial year ending March 31, 2022, and the record date for the payment of the interim dividend is Friday, March 11, 2022. The interim dividend will be paid on or after March 25, 2022, but no later than 30 days after the interim dividend is declared, as mandated by the Companies Act of 2013.

The company's Board of Directors met today which commenced at 9.30 AM and concluded at 10.30 AM, announced a second interim dividend for the fiscal year ending March 31, 2022. In a stock exchange filing, the company has said that "We wish to inform that the Board of Directors of our Company at their meeting held today (February 28, 2022) have declared second interim dividend of Rs. 5.50/- (Five Rupees Fifty Paise only) per equity share (550 %) of the face value of Re.l/- each for the financial year ending March 31, 2022. The Company has fixed March 11, 2022 as the Record Date for the purpose of payment of Interim dividend."

The company has also confirmed that "The interim dividend shall be paid to those shareholders whose names appear in the register of members as on the Record Date in respect of shares held in physical form and in case of shares held in dematerialised form, as per the details to be furnished by the depositories as on the Record Date."

The company paid its first interim dividend of Rs.5.50 on November 18, 2021, for the financial year 2021-22, and it has an excellent dividend track record for the previous three to four years.

On the NSE, the stock has climbed from Rs. 335.95 on 1st March 2021 to Rs. 411.95 as of 28 Feb 2022, 3:30 pm IST, which resulted in the stock giving a return of +76.00 (22.62%) to the shareholders in 1 year. Whereas on a year-to-date (YTD) basis the stock is down by -43.85 (-9.62%). In the last 6 months, the stock has surged +15.30 (3.86%), but it is down by -65.60 (-13.74%) in the last 1 month. The stock is up by +4.75 (1.17%) but is down by -9.25 (-2.20%) in today's closing session.

Revenue from Operations, which comprises (Sales/Income from each segment and other operating income), was Rs 6,528.65 crore in December 2021, jumping from Rs 4,701.19 crore in December 2020, according to Q3 results. The company recorded a huge drop in third-quarter standalone net profit or profit after tax (PAT) to Rs 18.29 crore from Rs 339.18 crore in December 2020. The company's revenue from operations increased to Rs 686.21 crore in December 2021 from Rs 439.36 crore in December 2020.