Rs 8.50/Share Dividend: Mid Cap Stock Fixes Record Date For 425% Dividend Payout

Graphite India is a mid-cap company that recorded a market cap of Rs 7,918.57 Cr during Friday's closing session. One of the reputable manufacturers of graphite electrodes, carbon, and graphite speciality products in India is Graphite India Limited (GIL). The company has recommended a dividend of 425% for FY23 and for the purpose of the same record date has been finalized.
"The Board of Directors have recommended a dividend of Rs.8.50 per equity share of Face Value of Rs. 2/- each on 195375594 equity shares of the Company, subject to approval of the members in the 48th AGM of the Company. Dividend will be paid/dispatched to the shareholders within 15 days from the date of AGM," said Graphite India in a stock exchange filing.

Graphite India has fixed Thursday, July 20, 2023 as the record date for payment of dividend. Graphite India has announced an equity dividend of 425.00% at a face value of Rs 2, or Rs 8.5 per share, for the financial year ended March 2023. The dividend yield at the current share price of Rs. 405.30 is 2.1%. The company has a solid track record of dividend declarations during the past five years. According to data provided by Trendlyne, Graphite India Ltd. has declared 27 dividends since May 8, 2000.

In the March 2023 quarter, the firm recorded consolidated net sales of Rs 815.00 crore, a drop of 3.44% from Rs 844.00 crore in the corresponding quarter in 2022. In Q4FY23, the firm reported a consolidated net profit of Rs. 29.00 crore, which is a drop of 69.47% from the Q4FY22 net profit of Rs. 95.00 crore. Graphite India's earnings per share (EPS) dropped from Rs. 4.82 in March 2022 to Rs. 1.58 in March 2023. The company is yet to declare its Q1FY24 results.

On Friday, the shares of Graphite India closed on the BSE at Rs 405.30 apiece down by 1.34% from the previous close of Rs 410.80. The stock made a 52-week-high of Rs 459.80 on (01/08/2022) and a 52-week-low of Rs 251.75 on (29/03/2023). During Q4FY23 the company recorded promoter shareholding of 65.34%, FIIs stake of 4.02%, DIIs stake of 8.61% and public stake of 22.02%.