Mid Cap Stock Sets Record Date For Rs 3.40/Dividend, Scrip Up 390% In 3 Yrs

In Friday's closing session, Hitachi Energy India, a mid-size company, had a market worth of Rs 17,963.26 Cr. The company is an expert and pioneer in power technology on a worldwide scale. For the purpose of final dividend of INR.3.40 for FY23, the company has announced record date.

The Board of Directors have "Recommended a final Dividend of INR.3.40 (Rupees three and paise forty) per equity share face value of Rs.2/- each which is subject to approval of the Shareholders at the ensuing Fourth Annual General Meeting of the Company," said Hitachi Energy India in a stock exchange filing.

"The Register of Members and Share Transfer Books of the Company will remain closed for the purpose of Annual General Meeting and payment of dividend from August 11, 2023 to August 17, 2023 (both days inclusive) that may be declared (as recommended by the Board of Directors vide outcome of the Board Meeting letter filed with the stock exchanges dated May 24, 2023) at the Fourth Annual General Meeting of the Company.

The dividend, if declared at the Fourth Annual General Meeting, will be paid on and from August 18, 2023 to those Members who hold shares in physical form and whose name appears on the Company's Register of Members as holders of Equity Shares on August 10, 2023 and in respect of shares held in electronic form, to the Beneficial Owners of the shares as at the close of business hours on August 10, 2023 as per details to be furnished by National Securities Depository Limited and Central Depository Services (India) Limited," informed Hitachi Energy India to stock exchanges while announcing record date for the dividend.

Hitachi Energy India has announced a 170.00% equity dividend with a face value of Rs 2, or Rs 3.4 per share, for the financial year ended March 2023. This generates a dividend yield at the current share price of Rs. 4238.45 of 0.08%. Hitachi Energy India Ltd. has issued three dividends since May 19, 2021, according to Trendlyne statistics.

The firm posted revenue of Rs 1,336.3 Cr in Q4FY23, which is a rise of 17% YoY from Rs 1,142.1 Cr in Q4FY22. The net profit of Hitachi Energy India for the March 2023 quarter was Rs 50.8 Cr, down 1.7% YoY from Rs 51.7 Cr in the same period of FY22. However, the net profit is up 1009.4% YoY from Rs 4.6 Cr reported in Q3FY23. The order backlog was INR 7,071 crore as of March 31, 2023. For the whole year ended March 31, 2023, orders came to INR 6,817.2 crores, which is a rise of 84 percent from 12MFY22. Hitachi Energy India is yet to declare its Q1FY24 results.

On Friday, the shares of Hitachi Energy India closed on the BSE at Rs 4238.45 apiece up by 2.15% from the previous close of Rs 4149.30. The stock made a 52-week-high of Rs 4,370.00 on (10/07/2023) and a 52-week-low of Rs 2,845.90 on (23/11/2022). During Q1FY24, the company reported promoter shareholding of 75.00%, FIIs stake of 4.52%, DIIs stake of 8.08% and public stake of 12.38%.