Multibagger defence stock declares interim dividend at 91%. Check record date


While announcing its earnings for the second quarter ended September 2022 of the current fiscal or Q2 FY23, Mazogon Dock Shipbuilders Ltd said that its board of directors also declared the interim dividend of 9 per equity share for FY 2022-23 and also fixed the record date for the same.

“We wish to inform that the board of directors at meeting held on 10 November 2022 approved the declaration of interim dividend at 91% being 9.10 per equity share aggregating to 183.5 crore to be paid out of the profits of the company for FY 2022-23,” the company informed in an exchange filing on Thursday.

Further, the company added that its board has declared Tuesday, November 22, 2022 as the record date for reckoning eligibility of shareholders for the purpose of payment of interim dividend.

Net profit of Mazagon Dock Shipbuilders rose over 58% to 214 crore in the quarter ended September 2022 as against 135 crore during the corresponding quarter of the previous fiscal. Meanwhile, the company’s revenue rose by over 8% to 1,702 crore during the quarter under review from 1,570 crore in the year ago quarter.

Mazagon Dock Shipbuilders is engaged in construction and repair of warships and submarines for use by the Indian Navy and other vessels for commercial clients. The company, which received the ‘Miniratna’ status in 2006, is said to be the only shipyard to have built destroyers and conventional submarines for the Indian Navy.

Shares of Mazagon Dock made stock market debut 2 years ago i.e., in October 2020. The stock has surged to over 790 per share level from its IPO issue price of 145, rising more than 370% since its shares listing. Meanwhile, the multibagger stock has rallied about 179% in 2022 (year-to-date or YTD) so far.

As per data by Trendlyne, Mazagon Dock Shipbuilders has declared 5 dividends since February 22, 2021. In the past 12 months, Mazagon Dock Shipbuilders Ltd. has declared an equity dividend amounting to 8.73 per share. At the current share price, this results in a dividend yield of 1.10%.

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