Page Industries drops 4% as stock trades ex-dividend today
For the first quarter of FY 2024 ending June 30, 2023, the company saw its net profit declining 23.5 per cent year-on-year to Rs 158.3 crore from Rs 207 crore fit in the corresponding quarter of the previous fiscal. Revenue also dropped 7.77 per cent in June quarter to Rs 1,240 crore compared to Rs 1,344.5 crore in the year ago period.
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Shares of Page Industries dropped 4 per cent on Friday as the stock turned ex-dividend. The company’s board of directors had announced an interim dividend of Rs 75, or 750 per cent, per equity share on August 10, 2023.
This will be the first dividend from the company in the financial year 2023-2024. The company has set the record date for the payment of interim dividend as August 19, 2023. Investors who hold Page Industries stock as of the ex-dividend date will receive their dividend payment on or before September 7, 2023.
Past dividends
Page Industries, which holds the distinction of being one of the most expensive stocks in the Indian stock market, is a strong dividend stock. The company has doled out five dividends in the previous fiscal year though its dividend yield of around 0.6 per cent is much lower than many other popular dividend stocks. Holding 100 shares of the company during FY2023 would have resulted in investors receiving Rs 39,500 in dividends.
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Page Industries Q1 results
The company’s recent financial earnings were less than promising. For the first quarter of FY 2024 ending June 30, 2023, the company saw its net profit declining 23.5 per cent year-on-year to Rs 158.3 crore from Rs 207 crore fit in the corresponding quarter of the previous fiscal. Revenue also dropped 7.77 per cent in June quarter to Rs 1,240 crore compared to Rs 1,344.5 crore in the year ago period. Earnings before interest, tax, depreciation, and amortisation EBITDA, also fell 18.8 per cent to Rs 241.7 crore.
Page Industries shares were trading at Rs 40,344.40 apiece, down 2.19 per cent, on BSE at 2: 26 PM.
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