ITC declares interim dividend of ₹6. Check record date, other details
2 min read . Updated: 03 Feb 2023, 07:28 PM IST
PremiumThe company has fixed 15 February, 2023 as the record date for determining shareholders eligible for such interim dividend.
ITC Ltd on Friday declared an interim dividend of ₹6, along with its December quarter results.
ITC has fixed 15 February, 2023 as the record date for determining shareholders eligible for such interim dividend. It will be paid out between 3 March 2023 to 5 March 2023, said the company in its regulatory filing.
The stock will turn ex-dividend on 14 February,2023.
"The Board at the said meeting also declared Interim Dividend off 6/- per Ordinary Share off Rs1- each for the financial year ending on 31 st March, 2023; such Dividend will be paid between Friday, 3rd March, 2023 and Sunday, 5th March, 2023 to those Members entitled thereto," said the company in its filing.
"The Board has fixed Wednesday, 15 th February, 2023 as the Record Date for the purpose of determining entitlement of the Members for such Interim Dividend," the filing added.
ITC has declared an equity dividend amounting to ₹11.5 per share in the past one year. At the current share price of this results in a dividend yield of 3.02 per cent.
ITC Ltd on Friday reported 21 per cent rise in net profit to ₹5,031.01 crore for the December 2022 quarter, against a net profit of ₹4156.2 crore for the year ago period.
The revenue from operations rose by 2.3 per cent to ₹16225.1 crore from ₹15862 crore in the corresponding quarter last fiscal.
On a consolidated basis, the profit stood at ₹5006.65 crore.
Segment wise, the FMCG-cigarettes revenue grew 16.7 2percent to ₹7288 crore from ₹6244.11 in the year ago period, while from hotels, the revenue grew by 50.48 per cent to ₹712.39 crore from ₹473.39 in the corresponding quarter last fiscal.
Five important things to note for dividend:
1. Declaration date: On this day, the board of directors of the company approves the dividend rate per equity share.
2. Record date: This date is also proposed by the company's board to identify the names of eligible shareholders for dividend benefits. All the shareholders whose name appears in the company's list by the end of the record date will be eligible to receive dividends. Usually, a minimum gap of 5 clear working days is needed between the declaration date and the record date.
3.Cum Dividend Date: This is the last date to buy shares to be eligible to receive a dividend. This date is one day prior to the ex-dividend date and two days before the record date.
4. Ex-dividend date: This day the price of the equity shares of a company gets adjusted for the dividend payout. It is one working day before the record date.
5. Payment date: This date is the actual day when a listed company completes its dividend payout to eligible shareholders. The payment of dividends is usually completed within 30 days of its approval.
