Specialty Chemical Stock Sets Record Date For 240% Dividend, Scrip Trading At A Dividend Yield of 9%

Styrenix Performance Materials Ltd is a small cap company that recorded a market cap of Rs 1,881.40 Cr during Friday's closing session. The company offers styrenic applications for a wide range of sectors, including automotive, electronics, home, construction, healthcare, packaging, and toys/sports/leisure. The main supplier and top manufacturer of Absolac (ABS) and Absolan (SAN) in India for more than 40 years is Styrenix Performance Materials Limited. Vadodara serves as the company's principal operational location. The company has recommended a final dividend of 240% for FY23 for the purpose of which the Board has announced the record date on Friday.

"Further, the record date for the purpose of determining the members eligible to attend and vote on the resolutions set out in the Notice of the AGM and to receive the final dividend of Rs.24/- per equity share of face value Rs.10/- each (240%), has been fixed as August 2, 2023, subject to the approval of the members at the AGM," said Styrenix Performance Materials in a stock exchange filing.
The 50th Annual General Meeting ('AGM') of the members of the company will be held on Thursday, August 10, 2023.
Styrenix Performance Materials has announced an equity dividend of 1040.00% at a face value of Rs 10 or Rs 104 per share for the fiscal year ended March 2023. The dividend yield at the current share price of Rs 1069.85 is 9.72%. The company has a solid track record of dividend declarations during the past five years.

During Q4FY23, the company reported a net income of Rs 618.25 Cr down by 1.05% YoY from Rs 624.83 Cr in Q4FY22. The company's net profit reached Rs 42.43 Cr during the March 2023 quarter down by 57.16% YoY from Rs 99.06 Cr in March 2022 quarter. During the year ended FY2023, its net income was Rs 2387.36 Cr up by 8.87% from Rs 2192.89 Cr in the Year Ended FY2022, whereas Styrenix Performance Materials said its net profit was Rs 183.01 Cr in 12MFY23 down by 43.26% from Rs 322.54 Cr recorded in 12MFY22.

On Friday, the shares of Styrenix Performance Materials Ltd closed on the BSE at Rs 1069.85 apiece down by 2.77% from the previous close of Rs 1100.30. The stock made a 52-week-high of Rs 1,143.20 on (22/06/2023) and a 52-week-low of Rs 692.10 on (29/03/2023), indicating that at the current market price the stock is trading 6.41% below the 1 year high and 54.58% above the 1 year low. During Q4FY23, the company reported promoter shareholding of 62.73%, FIIs stake of 1.39%, DIIs stake of 4.41% and public stake of 31.47%. Styrenix Performance Materials has a Price to Earning (PE) Ratio of 10.3, which is lower than the sector average of 47.9, according to Trendlyne data, and its Return on Equity (ROE) for FY23 was 25.6%.