Rekha Jhunjhunwala portfolio Tata group stock declares 250% dividend, net income surges in Q4
Rallis India, a small-cap company, closed today with a market valuation of ₹3,874.79 Cr. Rallis, a subsidiary of Tata Chemicals, is a reputable global provider of agri-input solutions. It produces and sells a variety of agricultural supplies, including as seeds, pesticides, fungicides, insecticides, and nutrients. Additionally, its product line includes crop care solutions, such as formulations for crop nutrition and protection. With production plants in Asia, Europe, Africa, and North America, Tata Chemicals is the second-largest producer of soda ash in the world.
“The Board has recommended a dividend of Rs. 2.5 per share i.e. 250 % for the Financial Year 2022-23 subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company,” said Rallis India in a stock exchange filing.
“Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and the Share Transfer Books of the Company will remain closed from Wednesday, May 31, 2023 to Monday, June 5, 2023 (both days inclusive) for taking record of the Members of the Company for the purpose of the 75th Annual General Meeting (AGM) and payment of dividend subject to tax deducted at source, if declared by the Members of the Company at the AGM to be held on Thursday, June 15, 2023,” informed the Board of Directors of Rallis India to the stock exchanges today.
Rallis India recorded a net income of ₹527.15 Cr during Q4FY23 compared to ₹515.02 Cr recorded during Q4FY22. The company said its net expenses stood at ₹615.43 Cr during the quarter ended March 2023 as compared to ₹531.26 Cr in the year-ago quarter. The company reported a net loss of ₹(69.13) Cr during Q4FY23 as against ₹(14.13) Cr during Q4FY22 and its EPS stood at ₹(3.55) as compared to ₹(0.73) in the same quarter of FY22.
“Reassessment of future sales potential has resulted in the company recognising the provision for slow moving inventory in seeds amounting to ₹39.79 crores during the quarter and ₹52.81 crores for the year ended March 31, 2023,” said Rallis India.
Rallis India has announced an equity dividend of 300.00% at a face value of ₹1, or ₹3 per share, for the fiscal year ended March 2022. This generates a dividend yield of 1.51% at the current share price of ₹199.35. The company has a solid track record of dividend declarations during the past five years. According to statistics from Trendlyne, Rallis India Ltd. has issued 27 dividends since July 17, 2001.
The shares of Rallis India closed today on the NSE at ₹199.35 apiece level, up by 0.18% from the previous close of ₹199.00. As per the Q4FY23 shareholding pattern of Rallis India, late investor Rakesh Jhunjhunwala had a stake of 41,00,000 shares or 2.11%, Rekha Jhunjhunwala held 51,82,750 shares or 2.67% and Rekha Rakesh Jhunjhunwala held 1,07,35,570 shares or 5.52% stake in Rallis India.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.