Pharma stock recommends dividend of ₹30. Details here
While announcing its Q4FY22 earnings, Divi’s Laboratories said that its board has recommended a dividend of ₹30 for the financial year 2021-22. Shares of Divi’s Labs were trading about a per cent higher at ₹4,343 apiece on the BSE in Monday’s afternoon deals.
“we would like to inform that the Board of Directors of the Company at its meeting held on Monday has recommended a Dividend of~ 30/- (i.e. 1500%) per equity share of face value ~ 2/- each for the financial year 2021-22, subject to approval of the members at the ensuing 32nd Annual General Meeting (AGM),” the pharma company informed in an exchange filing.
The dividend shall be credited/ warrants thereof dispatched within 30 (thirty) days from the conclusion of the AGM. The AGM date and book closure / record date for the purpose of the payment of dividend will be informed in due course, the company added.
Meanwhile, the company’s net profit grew over 78% to ₹894 crore for the quarter ended March, 2022 as compared to ₹502 crore in the same quarter last year. Whereas, its revenue rose 40% to ₹2,518 crore during the fourth quarter from ₹1,788 crore year-on-year (YoY).
Divi’s is a leading manufacturer of Active Pharmaceutical Ingredients (API). Divi’s Labs shares are up more than 5% in a year’s period, however, the pharma stock is down about 7% in 2022 (YTD) so far.
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