This large-cap firm announces 75% interim dividend, fixes record date

Market


Large-cap stock Bharat Forge’s shareholders are in for a treat as the company on Monday announced an interim dividend of 75%. The company has fixed a record date and plans to pay the dividend benefits by next month. The company has a good track record of paying dividends to its shareholders. This auto company has announced its financial performance for the second quarter ending September 30, 2022.

As per the regulatory filing, Bharat Forge declared an interim dividend of 1.50 per equity share having a face value of 2 each of the company — at the rate of 75%.

The company fixed November 25 as the record date for determining eligible shareholders for the dividend benefit. While it announced that the interim dividend will be paid on or before December 13, 2022.

In Q2FY23, Bharat Forge posted a 13.99% yoy decline in standalone net profit to 268.12 crore, however, rose by 10.04% sequentially. It garnered a standalone revenue from operations of around 1,863.94 crore in Q2FY23 — registering a growth of 16.02% yoy and 5.94% qoq. During the quarter under review, Bharat Forge’s EBITDA margins were at 24.3% — declining from 26.1% in Q1FY23. EBITDA came in at 452.3 crore in Q2FY23 — lower from 455.3 crore in Q2FY22 and 460 crore in Q1FY23.

Bharat Forge highlighted that its long-term debt has increased to 2,510.2 crore in Q2FY23 compared to 2,315.1 crore as of March 31, 2022.

On BSE, Bharat Forge’s shares closed at 852 apiece down by 3.91%. Its overall drop is nearly 5% with an intraday low of 842.75 apiece. However, earlier in the day, the shares had touched an intraday high of 895.90 apiece which was near the 52-week high of 896.40 apiece before correcting.

The company’s market cap is around 39,660.69 crore.

At the current price level, Bharat Forge’s dividend yield is around 0.82%. In FY22 alone, the company had paid 350% equity dividend aggregating to 7 per share to its shareholders.

Bharat Forge, one of the leading forging manufacturer companies in India, is progressively well-known for its Innovative Engineering Solutions for several sectors. The company’s products involved in forging, automotive, energy, construction and mining, railways, marine, aerospace, and defence industries.

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