The company said that this would be Quess’ first-ever dividend announcement post IPO in July 2016 and aligned with the management’s strategy of optimizing shareholder returns.
Suraj Moraje, Group CEO and Managing Director of Quess Corp, said, “The updated Dividend Policy and the declaration of an Interim Dividend are significant milestones in Quess’ journey of creating value for our investors, and a testament to our healthy cash generation. We continue to remain focused on our twin goals of achieving a 20% ROE while organically growing our OCF at 20% CAGR."
Notably, the company's board has adopted a revised Dividend Distribution Policy which states that the company expects to return approximately one-third of free cash flow to shareholders through dividend and/or share buyback annually.
At around 1.26 pm, Quess Corp was trading at Rs632.90 per piece up by Rs11.25 or 1.8% on Sensex.