This mid cap stock declares dividend, scrip trading at a dividend yield of 2.32%

Market


A mid-size company with a market valuation of 11,731.71 Cr, POWERGRID Infrastructure Investment Trust (PGInvIT) operates in the power industry. Along with its Q3 results, the company announced a dividend on Tuesday.

The company has said today in a stock exchange filing that its Board of Directors has considered and approved “Declaration of distribution of Rs. 3:00 per unit for the quarter ended December 31, 2022, comprising Rs. 2.01 per unit as interest, Rs. 0.43 per unit as taxable dividend, Rs. 0.25 per unit as exempt dividend, Rs. 0.30 per unit as repayment of SPV Debt and Rs. 0.01 per unit as treasury income. Record date for the distribution to the unitholders will be Monday, January 30, 2023 and the payment of distribution will be made on or before Wednesday, February 08, 2023.”

On a consolidated basis, the company recorded net sales of 324.32 Cr in Q3FY23 as against 334.77 Cr recorded in Q3FY22, representing a fall of 3.13% YoY. The company recorded a net profit of 216.82 Cr in the quarter ended December 2022 as against 232.63 Cr recorded in the quarter ended December 2021, representing a fall of 6.79% YoY. The company’s EPS stood at 2.30 per share in Q3FY23 as against 2.41 per share in the year-ago quarter.

On a standalone basis, POWERGRID Infrastructure Investment Trust (PGInvIT) recorded revenue from operations of 256.92 in Q3FY23 as against 274.26 Cr recorded in the year-ago quarter, representing a YoY fall of 6.32%. The company’s net profit reached 243.90 Cr in Q3FY23 as compared to 272.77 Cr recorded in the year-ago quarter representing a fall of 10.58% YoY. POWERGRID Infrastructure Investment Trust (PGInvIT) recorded an EPS of 2.68 per share in Q3FY23 as against 3.00 per share recorded in the year-ago quarter.

On the NSE, the shares of POWERGRID Infrastructure Investment Trust (PGInvIT) closed today at 128.99 apiece level, up by 0.78% from the previous close of 127.99. The stock recorded a total volume of 568,935.00 shares compared to the 20-Day average volume of 454,096 shares. At the current market price, the stock is trading at a dividend yield of 2.32%. Data from Trendlyne show that PowerGrid Infrastructure Investment Trust declared an equity dividend worth 12.00 per share over the course of the last 12 months. At the current share price of 128.99, this results in a dividend yield of 9.30%.


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