400% Dividends In FY23: Logistic Stock To Reward Shareholders With Interim Dividend For FY24 Soon

Logistic solutions provider, TCI Express will be in focus in the coming days as the company plans to recommend an interim dividend for FY24 and announce its Q2 results for the same fiscal. TCI has a good track record of rewarding shareholders with dividend incentives. Currently, the stock is near Rs 1,400 per share on BSE.

On Friday, the stock ended at Rs 1400.25 apiece, down by 0.62% on BSE. The company's market cap is nearly Rs 5,368 crore.

As per the regulatory filing, the company's board of directors are scheduled to meet on October 17, 2023, to consider and approve the Un-Audited Financial Results (Standalone and consolidated) for the second quarter/half year ended on September 30, 2023.

Further, TCI stated that the board will also consider or recommend interim dividends, if any, for the financial year 2023-24. The record date for the dividend is fixed on October 26, 2023, to determine eligible shareholders for the benefits.

In FY23, TCI paid a dividend of 400% amounting to Rs 8 per share to shareholders. Since February 2017, TCI has declared a whopping 20 dividends, as per Trendlyne data.

Dividends are distributed also in a certain proportion by listed companies from their net profits earned in a respective financial year. The record date is proposed by the listed company's board of directors to determine the name of the eligible shareholders for dividends. As per BSE FAQs, to be eligible to receive dividends, investors have to have shares in the Demat account by record date. Meanwhile, the ex-dividend date is the day when the price of the equity share of the listed company gets adjusted for the dividend payout.

In the June 2023 quarter, TCI posted a net profit of Rs 32.33 crore, as against a profit of Rs 31.01 crore in the same quarter a year ago. While total income from operations stood at Rs 304.87 crore in Q1FY24 versus Rs 290.44 crore in Q1FY23.

The company's earnings per share is at Rs 8.40 on a diluted basis.

Founded in 1996, TCI Express was established as one of the foremost divisions of Transport Corporation of India (TCI), India's most admired logistics company. At present, TCI has been hived off to become TCI EXPRESS LIMITED, an independent company listed with the stock exchanges of India. Here the focus is very clearly on express cargo distribution with greater emphasis on the burgeoning e-commerce business.