This pharmaceutical company recommended 1500 per cent dividend for FY23!

As the season of financial results is on the company has reported numbers; stock surged by 4.25 per cent today.

As the financial results season continues, Divi's Laboratories Ltd has reported its results for the fourth quarter that ended on March 31, 2023. 

On a consolidated basis, the company recorded a 64.12 per cent decrease in net profit for the fourth quarter ended March 31, 2023, from Rs 894.64 crore in the same quarter the previous year to Rs 320.97 crore. In Q4FY23, the company's total revenue was Rs 2,016.92 crore, down by 21.55 per cent from the previous year's same quarter revenue of Rs 2,570.83 crore. 

On a consolidated basis, the company recorded a 38.41 per cent decrease in net profit for the year ended March 31, 2023, from Rs 2,960.45 crore to Rs 1,823.38 crore. In the year under review, the company's total revenue dropped by 10.6 per cent to Rs 8,112.17 crore from Rs 9,073.70 crore in the year ended March 31, 2022. 

The company's board has suggested a dividend of Rs 30 per equity share with a face value of Rs 2 for the fiscal year 2022-2023, representing a dividend of 1500 per cent, subject to approval by the shareholders at the upcoming 33rd Annual General Meeting. The dates for the AGM and the record date for dividend payments will be announced in due course. 

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In the last trading session, the stock closed at Rs 3,097.75. Today, it opened at Rs 3,090 and is currently trading at Rs 3,229.35, up by 4.25 per cent. So far, 26,641 shares have been traded over the counter at BSE. The company has a 52-week high of Rs 4,438.30 and a 52-week low of Rs 2,730. 

Incorporated in 1990, Divi's Laboratories Ltd manufactures and exports APIs, intermediates, and nutraceutical ingredients.