Bluechip Specialty Chemical Stock Sets Record Date For 1100% Per Share Dividend

A reputable business in the specialty chemical industry is Pidilite Industries. Pidilite Industries Limited has been a leader in consumer and specialty chemicals in India since its founding in 1959. The company's product line covers adhesives, sealants, waterproofing solutions, and building chemicals, as well as arts and crafts, industrial resins, and polymers for household and other business requirements.

The company has declared a dividend of Rs. 11.00/- per equity share for FY23, and for the purpose of the same record date has been finalized by the Board of Directors of Pidilite Industries.

"We are pleased to inform you that the Board of Directors of the Company, at its meeting held on 8th May, 2023, has recommended a dividend of Rs. 11.00/- per equity share of Re. 1/- each held as on the date of book closure for the dividend payment, for the Financial Year ended 31st March 2023, subject to approval of the shareholders, at the ensuing Annual General Meeting (AGM) of the Company," said Pidilite Industries in a stock exchange filing.

"The Company has fixed Thursday, 27th July, 2023 as the "Record Date" for the purpose of determining the Members eligible to receive dividend for the financial year 2022-23, if approved at the ensuing AGM," informed Pidilite Industries to stock exchanges on 4th July, 2023.

Pidilite Industries reported a total net profit of Rs 283 crore for the quarter ending in March 2023, which is a rise of 11.4% from Rs 254 crore reported in the same quarter of FY22. The company reported consolidated revenue from operations of Rs 2,689 crore for Q4FY23 against Rs 2,507 crore in Q4FY22. In the fourth quarter of current fiscal year, EBITDA climbed by 14.5 percent, from Rs 401.1 crore in the corresponding quarter of the previous fiscal, to Rs 459.2 crore.

Pidilite Industries has announced an equity dividend of 1100.00% at a face value of Rs 1, or Rs 11 per share, for the financial year ended March 2023. The dividend yield at the current share price of Rs 2,611.90 is 0.42%. The company has a solid track record of dividend declarations during the past five years. According to Trendlyne's statistics, Pidilite Industries Ltd. has issued 24 dividends since July 9, 2001.

The shares of Pidilite Industries Ltd opened today on the BSE at Rs 2576 apiece. The stock made a 52-week-high of Rs 2,916.85 on (15/09/2022) and a 52-week-low of Rs 2,172.80 on (05/07/2022). During Q4FY23, Pidilite Industries reported promoter shareholding of 69.94%, FIIs stake of 10.61%, DIIs stake of 8.45% and public stake of 10.98%.