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Maruti Suzuki declares dividend of ₹125 per share, the highest-ever in its history
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The dividend will be subject to approval by the shareholders at the next annual general meeting, Maruti said in a release.
The board of Maruti Suzuki India Ltd. on Friday approved a final dividend of ₹125 per share for the financial year ended March 31, 2024. This is the highest dividend the company has paid since listing, according to the data available on the exchanges.
This will result in a total payout of ₹3,930 crore, the automaker said while announcing its March quarter earnings.
The dividend will be subject to approval by the shareholders at the next annual general meeting, Maruti said in a release.
Before this, Maruti declared a final dividend of ₹90 per share in August last year, followed followed by a ₹60 final dividend in August 2022.
Shares of Maruti will likely trade ex-dividend on the day or a day before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment. An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment.
Meanwhile, Maruti Suzuki reported a net profit of ₹3,877.8 crore during the January to March period. The number was lower than the CNBC-TV18 poll of ₹4,104 crore.
Revenue for the March quarter came in at ₹38,235 crore, which was marginally lower as against CNBC-TV18’s poll of ₹38,672 crore.
EBITDA or Earnings Before Interest, Tax, Depreciation and Amortisation for the quarter missed expectations, coming in at ₹4,685 crore, while a CNBC-TV18 poll had pegged the figure at ₹5,178 crore.
Maruti reported an EBITDA margin of 12.2% for the quarter, 120 basis points below expectations of 13.4%. Margins for the quarter were impacted by higher ad spends and higher manufacturing overheads.
Sales volume for the quarter rose by 13.4% from last year to 5.84 lakh units from 5.14 lakh units last year.
On Friday, shares of Maruti Suzuki India Ltd. ended 1.26% lower at ₹12,760 on the National Stock Exchange. The stock has risen 25% so far this year.
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