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950% Dividend Announced by Mahindra Group Tractor Maker

18 Apr 2024 , 03:36 PM

Swaraj Engines Ltd., on Thursday, declared a dividend of ₹95 per share for the fiscal year that concluded on March 31, 2024, marking a payout of 950%. This announcement was made by the corporation concurrently with its March quarter earnings.

The stated dividend payout's record date is still pending. The dividend will be distributed to shareholders after being presented to them during the company's Annual General Meeting on July 18.

The corporation has never declared a higher dividend distribution than this one. The dividend of ₹92 per share was approved by the board last year, after payouts of ₹80 per share in 2022 and ₹50 per share in 2021.

Compared to the same period last year, when revenue was ₹360 Crore, Swaraj Engines recorded a 2.5% decrease in revenue for the March quarter, coming in at ₹351 Crore. At ₹35 Crore, net profit was unchanged.

The year-over-year decline in Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) to ₹48 Crore was 2%, while the margin was unchanged at 13.7% from 13.6% in the previous year.

An ownership majority in Swaraj Engines is held by Mahindra & Mahindra. 52.12% of the company was owned by Mahindra & Mahindra as of the end of the 2023 quarter.

Mahindra & Mahindra is expected to receive a dividend payout of ₹60 Crore from Swaraj Engines, contingent upon the number of outstanding shares and the declared dividend.

Swaraj Engines' stock has given up all of its gains and is now trading flat.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Mahindra & Mahindra
  • Swaraj Engines
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