After paying 1,040% in FY22, this smallcap stock to yet again turn ex-dividend

Market


One of the leading PET film manufacturers, Polyplex Corporation (Polyplex) witnessed buying sentiment on Wednesday ahead of its record date for an interim dividend to the tune of 550% for the fiscal year FY23. Polyplex has a strong track record of paying dividend benefits to its investors. Polyplex is a multibagger stock and has given triple-digit returns to its investors in 2 years.

On BSE, Polyplex stock ended at 1, 839.05apiece higher by 16.85 or 0.92%. The stock climbed by at least 1.6% with an intraday high of 1,850 apiece earlier today.

The company’s market cap is around 5,773.23 crore.

Polyplex is a multibagger stock and has skyrocketed by more than 143% in 2 years. The stock was merely around 760 apiece on November 23, 2020.

Meanwhile, compared to its 52-week low of 1,661 apiece that was recorded on November 23, 2021, the stock has surged by nearly 11.4% on Dalal Street.

Polyplex is in focus as the stock will turn ex-dividend on November 24.

The company had declared an interim dividend of 55 per equity share (which includes a special dividend of 35 per share) having a face value of 10 each. It fixed November 25 as the record date for determining eligible shareholders for the dividend.

At the current market price, Polyplex’s dividend yield is at 5.64%.

In FY22 alone, the company paid a dividend of 1,040% aggregating to 104 per equity share.

During the second quarter of FY23, the company registered a consolidated net profit of 115.02 crore climbing massively against 96.04 crore in Q2FY22. This profitability was attributable to owners. Consolidated revenue from operations stood at 2,089.29 crore in Q2FY23 versus 1,547.58 crore in Q2 of the previous fiscal.

On a standalone basis, the company’s Q2FY23 PAT rose to 38.36 crore versus 18.84 crore in Q2FY22. Revenue from operations was at 467.89 crore in Q2FY23 compared to 410.95 crore in the same quarter last year.

Polyplex had an earnings per share of 12.22 by end of the September 2022 quarter.

Polyplex Corp has the seventh-largest capacity of polyester (PET) film globally. The company’s capabilities include both thin and thick PET film in a wide range of thickness and surface properties covering a spectrum of applications.

Further, Polyplex has a diversified portfolio including BOPP, Blown PP/PE, and CPP films produced in state-of-the-art plants with economic size. Integrated downstream capabilities of Metallizing, Holography, Silicone Coating, Offline Chemical Coating, Extrusion Coating, and Transfer Metallized Paper deliver further value-added products.

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