This small cap stock declares ₹47 per share dividend

Stovec Industries said in a stock exchange filing that “we are pleased to inform you that, the Board of Directors at their meeting held on today i.e. February 28, 2023 have recommend dividend of Rs. 47 per equity share of Rs. 10/- each (i.e. 470 %} for the financial year ended December 31, 2022, and the same will be paid to the eligible members on or before its due date, if approved by the shareholders at the ensuing Annual General Meeting (“AGM”). “

During Q3FY23, the company recorded net sales of ₹60.92 Cr, up by 6.45% YoY from ₹57.23 Cr recorded in Q3FY22. The company’s net income reached ₹61.9 crore in Q3FY23 compared to ₹58.63 Cr recorded in the year-ago quarter. The company said its net expenses stood at ₹59.01 crore during the quarter ended December 2022 compared to ₹52.11 Cr recorded in the quarter ended December 2021. Stovec Industries said its profit before tax (PBT) reached ₹2.89 crore in Q3FY23, down by 64.36% YoY from ₹8.11 Cr in Q3FY22. The company said its net profit stood at ₹1.66 Cr in Q3FY23, down by 71.91% YoY from ₹5.91 Cr reported in Q3FY22. The Q3FY23 EPS of Stovec Industries stood at ₹7.96 compared to ₹28.35 reported in the year-ago quarter.

The shares of Stovec Industries closed today on the BSE at ₹2238.60 apiece, up by 0.96% from the previous close of ₹2217.25. The stock recorded a total volume average of 663 shares and a deliverable volume average of 534 shares. In the last 1 year the stock has gained 2.11% and on a YTD basis it has fallen 1.91% so far in 2023. The stock touched a 52-week-high of ₹2,900.00 on (29/08/2022) and a 52-week-low of ₹2,001.15 on (15/02/2023). During Q3FY23, the company recorded a promoter shareholding of 71.06% and a public stake of 28.94%.