FMCG Major To Pay Rs 6.50/Share Dividend: When Shareholders Will Get It? Should You Buy?

Leading FMCG major, Marico Ltd shares witnessed decline of 0.58% in trade today to settle at Rs 522.50 per share. The Board Of Directors of Marico on Tuesday declared 2nd interim dividend of Rs 6.50 per equity share of Re 1 each for the financial year 2023-24. The company fixed March 6, 2024 as the record date for the interim dividend. In last 1-week Marico shares fell 2.54% and gained a little over 6% in last 1-year. Check details below:

Marico Declares 2nd Interim Dividend: As per the BSE filing of the company dated Feb 27, 2024, "Second Interim Equity Dividend for the financial year 2023-24 of Rs. 6.50/- per equity share of Re. 1 each. As intimated vide our letter dated February 19, 2024, the record date for reckoning the list of shareholders who shall be entitled to receive the said interim dividend shall be Wednesday, March 6, 2024. The Second Interim Equity Dividend will be paid to such shareholders on or before Thursday, March 28, 2024."

The company also informed appointment of Mr. Nikhil Khattau (DIN: 00017880) as an Additional Director (Non-Independent Non-Executive) w.e.f. April 1, 2024, liable to retire by rotation and subject to approval of the shareholders.

Marico Shares Performance & Return: The 52-week high price of Marico shares on BSE is Rs 595.00 apiece and 52-week low price is Rs 462.95 apiece, respectively. The company has a market capitalisation of Rs 67,606.53 crore. Marico shares declined marginally by 6.70% in last 6-months, zoomed 6% in last 2-years, and offered return of 32% in last 2-years.

Marico stock rallied 54% in last 5-years.

BoB Capital Recommends Buy Call: According to the brokerage report of BoB Capital dated Jan 30, 2024, "We roll valuations over to FY26E and now value the stock at 44x FY26E EPS (vs. 47x on FY25E) - in line with the long-term mean - to bake in the growth slowdown. Our TP thus reduces to Rs 618 (from Rs 646). We maintain BUY as we believe a continued focus on the food portfolio, product launches, and brand investments would aid volume recovery and profitable growth."

Marico Financials: The leading FMCG sector company on January 29 announced a surge of 15.9% year-on-year (YoY) in its net profit to Rs 386 crore for the quarter ended December 31, 2023 as against Rs 333 crore declared in the corresponding quarter of last year. It revenue from operations fell 1.9% to Rs 2422 crore as compared to Rs 2470 crore in the similar quarter of last fiscal. The company declared a jump of 12.5% in its EBITDA at operating level to Rs 513 crore for the December 2023 quarter as against Rs 456 crore in the similar quarter of last fiscal.

About: Marico Limited is one of India's leading consumer goods companies operating in global beauty and wellness categories. With its headquarters in Mumbai, Marico is present in over 25 countries across emerging markets of Asia and Africa. It nurtures leading brands across categories of hair care, skin care, edible oils, healthy foods, male grooming, and fabric care, according to its official website.

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The stock has been picked from the brokerage report of BoB Capital. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.