Realty Stock Sets Record Date For Final Dividend, LIC Held Stake In Q1FY24

On Wednesday's closing session, Macrotech Developers, a large-cap company, registered a market worth of Rs 63,693.35 Cr. The finest residential and commercial properties are offered by Lodha, India's top real estate developer, in Mumbai, Thane, Pune, Bangalore, and London.

The company has recommended a final dividend of Rs 2 i.e. 20% per equity share at a face value of Rs 10 each for FY23 and for the purpose of the same the company has announced record date.

"The Company has fixed Friday, September 8, 2023 as Record date for determining the entitlement of members to the dividend for the financial year ended March 31, 2023, if approved by the Members at the 28th AGM. The payment of dividend will be subject to deduction of tax at source," said Macrotech Developers in a stock exchange filing on Wednesday.

Following approval by the shareholders at the upcoming 28th Annual General Meeting, the dividend will be paid to the shareholders having equity shares on the record date determined by the company.

For the quarter that ended on March 31, 2023, the firm recorded a 39 percent rise in consolidated net profit at Rs 744 crore compared to a net profit of Rs 535 crore in the same quarter last year. The firm's consolidated revenue from operations reached Rs 3,255 crore in Q4FY23 as compared to Rs 3,445 crore in Q4FY22, down by 5.5% YoY. The EPS of Macrotech Developers stood at Rs 15.45 during Q4FY23 as compared to Rs 11.12 in Q4FY22. Lodha reported that its revenue from operations in FY23 was INR 9,470 crores and its EBITDA was INR 2,970 crores. In 12MFY23, Lodha's net profit totalled Rs 1,769 crores.

On Wednesday, the shares of Macrotech Developers closed on the BSE at Rs 660.75 apiece down by 0.80% from the previous close of Rs 666.05. The stock made a 52-week-high of Rs 708.75 on (14/06/2023) and a 52-week-low of Rs 355.50 on (24/02/2023), indicating that at the current market price, the stock is trading 87.89% above the 1-year low and 5.75% below the 1 year high.
As per the shareholding pattern of Macrotech Developers for Q1FY24, insurance giant Life Insurance Corporation Of India held 2,41,76,070 fully paid-up equity shares or a 2.51% stake in the company.