Delta Corp Share Price Dips Over 1% as Ashish Kapadia Reappointed as Managing Director

20 Jun 2023 , 02:23 PM

Delta Corp Ltd’s share price declined by over 1% following the announcement of Ashish Kapadia’s reappointment as Managing Director of the company. The stock fell by 1.47% to Rs 244.60 apiece on the BSE.

The company’s board of directors approved Kapadia’s reappointment for a five-year term, starting on April 27, 2024, and ending on April 26, 2029. The reappointment is subject to approval by shareholders at the upcoming Annual General Meeting (AGM).

Ashish Kapadia has been serving as Managing Director of Delta Corp since April 2009.

Delta Corp acknowledged Kapadia’s leadership, stating that the company has experienced significant growth under his guidance. The company also announced that July 7 had been fixed as the record date to determine entitlement for the payment of a final dividend if approved at the AGM.

The Board of Directors recommended a final dividend of Rs 1.25 per share at a meeting held on April 11, 2023. In the quarter ending March 2023, Delta Corp reported a consolidated net profit of Rs 51 crore, a 6% YoY increase from Rs 48 crore in the same period of 2022.

The company’s revenue from operations rose 4% to Rs 227 crore in Q4FY23 from Rs 218 crore in the previous year. Delta Corp’s share price has witnessed a nearly 40% increase over the past year. At the time of writing, Delta Corp shares were trading 1.23% lower at Rs 245.15 apiece on the BSE.

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