Rs 4/Share Dividend: Nifty 50 Stock Sets Record Date For 80% Payout

Bharti Airtel is a large cap company which deals in the telecom sector. The Nifty 50 stock has declared a final dividend of Rs 4 per share for FY23 and for the purpose of the same record date has been finalized.

Bharti Airtel Dividend

"This is further to our communication dated May 16, 2023 w.r.t. recommendation of final dividend of Rs. 4/- per fully paid-up equity share and Re. 1/- per partly paid-up equity share for the financial year 2022-23 by the Board, subject to the approval of the members at the ensuing 28th Annual General Meeting to be held on August 24, 2023 at 11:00 AM (IST).

Pursuant to Regulation 42 of the Listing Regulations, the Company has fixed the 'Record Date' as Friday, August 11, 2023. Upon approval of members, the dividend will be paid (subject to deduction of tax at source) to the members within 30 days from the date of approval to those members/ beneficial owners whose names appear in the Register of members/ depository records as at close of business hours on Friday, August 11, 2023," said Bharti Airtel in a stock exchange filing.

Bharti Airtel Financials

The company's consolidated net profit for the fourth quarter ended March 31, 2023, climbed 89% QoQ to Rs 3,005.6 crore. In Q3FY23, it was Rs 1,588.2 crore. Consolidated revenue from operations climbed fairly sequentially by 0.6% to Rs 36,009.0 crore from Rs 35,804.4 crore. The company's consolidated net profit for the fourth quarter of FY23 jumped 49.7% YoY from Rs 2,007.8 crore during the same quarter of FY22. From Rs 31,500.3 crore in Q4FY22 to Rs 36,009.0 crore in Q4FY23, the consolidated revenue from operations climbed 14.3% YoY. In Q4FY23, EBITDA climbed 17.6% (YoY) to Rs 18,807 crore while EBITDA margin rose from 50.8% in the fourth quarter of 2022 to 52.2% in the same quarter of 2023. From Rs 178 in Q4FY22 to Rs 193 in Q4FY23, the mobile average revenue per user (ARPU) steadily increased.

Bharti Airtel is yet to declare its Q1FY24 results. "Pursuant to Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that the meeting of the Board of Directors of the Company will be held on Thursday, August 03, 2023 to consider and take on record the Audited Financial Results (Standalone & Consolidated) for the first quarter (Q1) ended on June 30, 2023," said Bharti Airtel in a stock exchange filing.

Bharti Airtel Share Price

On Wednesday, the shares of Bharti Airtel opened on the BSE at Rs 873.85 apiece and while writing this copy the stock was trading at Rs 877.65 with a downside gap of 1.56% over the previous close of Rs 891.55. The stock made a 52-week-high of Rs 901.55 on (27/07/2023) and a 52-week-low of Rs 681.00 on (04/08/2022).

During Q1FY24, the company recorded promoter shareholding of 54.97%, FIIs stake of 21.48%, DIIs stake of 19.55%, Govt stake of 0.12%, public stake of 3.82% and others stake of 0.05%.

Bharti Airtel Share Price Target

Om Mehra, Equity Technical Analyst · Choice Equity Broking said, "BHARTIARTL is currently trading at 883 after attaining all time high of 901. Simultaneously from the weekly chart it has buoyant support at around 860-865 levels. However small profit booking from higher levels cannot be ruled out. Stock is trading higher than 50 and 200 day moving averages. RSI currently remains at 55. The Fibonacci retrenchment of 23.6 percent ties with the 860 level indicates affirmative support as well."

"Higher Volume participation in the daily chart confirms the positive price action. Furthermore, investors would expect stronger outcomes in the forthcoming quarterly results and would enter after that. Indicator as Bollinger bands indicate the stock is trading above the middle band as well buyers are fascinated at current market price. In comparison with BSE 500, stock Ltd has outperformed benchmark indices Sensex with 0.61 percent gain in the last one month. Based on the above parameters we remain optimistic on BHARTIARTL as it may potentially deliver decent returns in the short to medium term," said Om Mehra.

Disclaimer

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