Rs 325,00,00,000 Buy back announced by the company, Record date August 25, Stock surged by 5 per cent today

The company possesses a highly renowned brand within its portfolio known as India Gate Basmati Rice, it is recognized as the world’s number one basmati rice brand

KRBL Limited a prominent player in the basmati rice industry has announced buyback in its latest exchange filling today. The company's board of directors or management has approved a plan to buy back a portion of its own equity shares said in its filing.

Following are the details:

Buyback Price: The company is willing to pay Rs 500 for each equity share it buys back.

Record Date: The Board has fixed August 25, 2023, as the record date to determine the entitlement and names of shareholders eligible to participate in the Buyback.

Buyback Amount: The company plans to allocate an amount of Rs 32,500 Lacs (Rs 32,500,00,000 or Rupees Thirty-Two Thousand Five Hundred Lacs only) for this buyback program. This amount is the maximum the company is willing to spend on buying back its shares.

Quantity of Shares: The company intends to buy back up to 65,00,000 (Sixty-Five Lacs) fully paid-up equity shares. It represents approximately 2.76 per cent of the total number of equity shares that the company has issued.

Financial Performance:

The company declared its June quarter result today. The company’s revenue experienced a 15 per cent rise in its consolidated revenue in Q1 FY24, reaching Rs 1414 crore, compared to Rs 1228 crore in the same period of the previous year.

During the quarter, the company's operating profit experienced a remarkable 9 per cent growth, amounting to Rs 252 crore, compared to Rs 231 crore in the previous year. However, the operating profit margin slightly declined from 19 per cent to 18 per cent.

The company witnessed a 19 per cent increase in its net profit for the quarter ended June 2023, reaching Rs 195 crore, compared to Rs 164 crore recorded in the corresponding period of the previous year. The net profit margin stood at 14 per cent.

Today, the shares of the company closed at Rs 413 each on the BSE.

Disclaimer: This article is for informational purposes only and not investment advice.