GAIL announces interim dividend of Rs4 per share
1 min read 13 Mar 2023, 08:24 PM ISTGAIL said the interim dividend will be paid with reference to the record date
PremiumNEW DELHI : GAIL (India) Limited, a Maharatna CPSE under the Ministry of Petroleum & Natural Gas has approved an interim dividend of ₹4 per equity share for the financial year 2022-23.
“The Board of Directors of the Company in its 454th meeting held today i.e.13th March, 2023 has, inter-alia, approved the payment of Interim Dividend for the FY 2022-23 @ 40% (Rs. 4.00/- per equity share) on the paid-up equity share capital of the Company," the filing said.
GAIL said the interim dividend will be paid with reference to the record date.
The total dividend payout would be ₹2,630 crore, the company said in a statement after its board of directors approved payment of an interim dividend.
GAIL chairman and managing director Sandeep Kumar Gupta said the company has been providing shareholders with a steady long-term returns on their investments.
Further, based on current shareholding of Government of India (51.52%), dividend of about ₹1,355 crore shall be paid to Government of India, while other shareholders will receive about ₹1,275 crore.
On Monday, the stock closed 0.41% lower at ₹110.60 apiece on NSE. On a year-to-date basis, the shares have gained 15% so far this year. At current market levels, GAIL has a market cap of ₹72.59 thousand crores.
GAIL (India) Ltd reported an almost 93% slump in its December quarter profit, hit by lower gas sales due to supply disruptions. The company’s standalone profit tumbled to ₹246 crore in the quarter under review from ₹3,288 crore a year earlier.
GAIL’s revenue from operations surged more than 37% to ₹35,380 crore on price hikes to customers.
