This auto ancillaries stock recommended 864 per cent dividend for FY23!

The company has shown 40 per cent growth in net profit for FY23 and recommended dividend.

As the financial results season continues, Sharda Motor Industries Ltd has reported its results for the fourth quarter that ended on March 31, 2023.

In comparison to the same quarter last year, the company's net profit for the fourth quarter that ended on March 31, 2023, increased by 41.13 per cent to Rs 62.07 crore from Rs 43.98 crore on a consolidated basis. In Q4FY23, the company's total revenue climbed by 12.21 per cent to Rs 701.86 crore from Rs 625.47 crore in the same quarter the previous year.

The company reported a 39.62 per cent increase in net profit for the year ended March 31, 2023, reaching Rs 208.33 crore from Rs 149.21 crore on a consolidated basis. When compared to the year ended March 31, 2022, the company's total revenue climbed by 19.99 per cent, reaching Rs 2,741.67 crore compared to Rs 2,284.85 crore for the year ended March 31, 2022.

The board has recommended a final dividend of Rs 17.27 per equity share with a face value of Rs 2 each, which represents 864 per cent of the face value for the financial year ended March 31, 2023, subject to the approval of shareholders in the upcoming Annual General Meeting.

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On May 18, 2023, the stock closed at Rs 802.05. Yesterday, it opened at Rs 850.05 and closed at Rs 796.45. A total of 52,656 shares were traded over the counter at BSE. The company has a market cap of approximately Rs 2,367 crore, with a 52-week high of Rs 950 and a 52-week low of Rs 550.

Sharda Motor Industries Ltd is primarily engaged in the manufacturing and assembly of auto components and white goods components.