CEMENT STOCK ANNOUNCES SOLID DIVIDEND IN Q4 RESULTS

Birla Corporation, the flagship company of MP Birla Group, on Saturday, May 4, 2024, announcement its earnings for the fourth quarter ended March 31, 2024. The cement maker also announced a whopping 100 per cent dividend per share for its investors. A dividend is a reward that a company pays to its investors for their investment in the business. It is paid in cash from earnings.

Birla Corporation Dividend 2024

Birla Corporation, in a regulatory filing today, said that its Board of Directors at its meeting held today May 4, 2024 has, inter-alia, considered and recommended a dividend of 100 per cent per share.

A dividend is always calculated and paid on the face value of each stock. The current face value of Birla Corporation shares is Rs 10. Accordingly, the 100 per cent dividend translates into Rs 10 per share.

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“Recommended Dividend of Rs 10 per share (i.e. 100%) on 7,70,05,347 ordinary shares for the Financial Year 2023-24...,” the company said in the regulatory filing.

Birla Corporation Dividend 2024 Payment Date

The company said that the announced dividend “shall be paid within 30 (thirty) days from the date of approval by the shareholders at the ensuing Annual General Meeting of the Company.”

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Birla Corporation Q4 2024 Results: Earnings details

Consolidated net profit for the January-March quarter was at Rs 193 crore, representing a year-on-year growth of 127.1 per cent, as power and fuel costs continued to be moderate.

Consolidated revenue for the quarter stood at Rs 2,682 crore, 6.8 per cent increase from the same period last year, even as realization from cement in the March quarter came under intense pressure and fell 1.6 per cent year-on-year to Rs 5,178 per ton.

Birla Corporation Limited continued its steady progress of the first three quarters of fiscal 2023-24 to end the year on a high, with record cement sales by volume and a 127 per cent growth in net profit in the March quarter, despite unusually weak market conditions, the company said in a statement.

“After steady ramping up of the Mukutban unit, the Company’s Cement Division achieved a capacity utilization of 97% for the March quarter—yet another milestone,” it added.

“Birla Corporation’s performance in fiscal 2023-24 is the result of all-round improvement in performance in all areas of operations,” said Harsh Vardhan Lodha, Chairman.

“The investment in capacity-building across functional verticals is reflected in the impressive ramp-up of the Mukutban unit, ahead of the guidance given by the Company,” he added.

The Board of Birla Corporation’s wholly-owned subsidiary, RCCPL Private Limited, on Thursday, 2 May 2024, approved an investment of Rs 425 crore to augment the capacity of its Kundanganj unit by 1.4 million tons within two years. A third of the proposed investment will come from internal accruals. As cement consumption in India continues to grow, Birla Corporation is rolling out its next phase of capacity addition with the aim of increasing cement production to 25 million tons by fiscal 2026-27.

Birla Corporation Share Price

Shares of Birla Corpration closed at Rs 1559.25, up 4,50 per cent from previous close of Rs 1492.15, as per BSE. The stock opened at Rs 1562.20 while it hit an intra-day high of Rs 1570.45 and low of Rs 1505.80, respectively.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)

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2024-05-04T13:33:55Z dg43tfdfdgfd