125 per cent dividend & bonus: Splendid Q2 performance net profit jumps 53 per cent!
The board also announced a bonus issue in the ratio of 1:1, further enhancing the value proposition for its investors.
On November 03, 2023, the shares of Safari Industries Limited shone brightly with a remarkable surge of 6.19 per cent. The company has current market capitalization of Rs 10,260.91 crore.
Safari Industries Limited financial results for the September quarter of FY24, showcasing remarkable growth and financial stability. The company's consolidated net profit for the quarter amounted to Rs 39.8 crore, marking a substantial increase of 53.7 per cent compared to the Rs 26 crore recorded in the same period the previous year.
The company's total revenue for the quarter stood at Rs 370.02 crore, reflecting an impressive 18 per cent surge from the previous year's figure of Rs 314 crore. This growth in revenue underlines Safari Industries ability to attract and retain customers in a competitive market.
In terms of operational performance, Safari Industries achieved an EBITDA of Rs 63.4 crore for the quarter. This represents a substantial growth of 51.3 per cent when compared to the Rs 41.9 crore recorded in the same period last year. Furthermore, the EBITDA margin expanded to 17.1 per cent, indicating the company's efficiency in managing its operating costs and improving profitability.
In a move to reward its shareholders, the Board of Directors of Safari Industries declared and approved an interim dividend of Rs 2.50 (125 per cent) per share of Rs 2 each for the financial year 2023-24. This dividend will be paid to the shareholders on or before 30th November 2023, providing them with a tangible return on their investments. The Board also announced a bonus issue in the ratio of 1:1, further enhancing the value proposition for its investors.
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Safari Industries is a luggage and luggage accessories manufacturer and retailer. They offer two main types of luggage: hard luggage, made in-house from PolyPropylene (PP) and Polycarbonate (PC) at their plant in Halol, Gujarat, and soft luggage, crafted from various fabric materials, primarily imported.
Furthermore, the stock has witnessed significant buying activity as it has given returns of more than 154 per cent on a YTD basis.