3,700 per cent dividend: The stock will trade ex-dividend tomorrow! Do you own it?
The consolidated net profit for the June quarter recorded robust growth of more than 50 per cent!
The Indian frontline indices ended the previous session lower, weighed down by losses in the healthcare, financial services and banking sectors. BSE Auto was also one of the hardest hit sectors, primarily affected by massive losses in Apollo Tyres.
Eicher Motors Limited, one of the leading automobile manufacturers, could be in the headlines as its shares will trade ex-dividend tomorrow, August 14, 2023. The company's board of directors recommended a final dividend of Rs 37 (3,700 per cent) per equity share with a face value of Rs 1 each.
The company's robust quarter performance for the quarter ending in June 2023 has impressed investors. Taking into account the quarterly performance, on a consolidated basis, it reported a healthy growth of 17.33 per cent from Rs 3,397.46 crore registered in Q1FY23, recording total revenue of Rs 3,986.37 crore in Q1FY24. It has reported strong operating profit growth of 43.68 per cent.
Comparing to the same quarter last year, the consolidated net profit for the first quarter of FY24 soared 50.38 per cent, from Rs 610.66 crore to Rs 918.34 crore. The business also announced that Royal Enfield sold 2,25,368 motorcycles during the quarter, a 21.1 per cent growth over the same period in FY 2022-23.
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A prominent player in the Indian automobile market as well as a global leader in middleweight motorcycles (Royal Enfield), Eicher Motors Limited is a publicly listed company of the Eicher Group.
Disclaimer: The article is for informational purposes only and not investment advice.