Muthoot Finance declares 220% interim dividend to ₹22, fixes record date | Mint
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Business News/ Companies / News/  Muthoot Finance declares 220% interim dividend to 22, fixes record date
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Muthoot Finance declares 220% interim dividend to ₹22, fixes record date

The company fixed 18 April, 2023 as the record date for determining the shareholders who shall receive the interim dividend.

Muthoot Finance. Photo: Hindustan TimesPremium
Muthoot Finance. Photo: Hindustan Times

The largest gold loan NBFC in the country, Muthoot Finance on Thursday announced it has declared an interim dividend of 22 per equity share for the financial year FY23. In percentage terms, the dividend comes to around a 220 per cent. 

"The Board of Directors of Muthoot Finance Limited at their meeting held today at the registered office of the Company has considered and approved payment of an interim dividend of Rs. 22 (Rupees Twenty-Two) per equity share (220%)." said Muthoot Finance in its regulatory filing.

The company fixed 18 April, 2023 as the record date for determining the shareholders who shall receive the interim dividend.  This is the fourth consecutive year in which the company has declared an interim dividend above 100% of face value.

The total interim dividend outgo will amount to Rs. 883.19crores.

According to Muthoot, shareholders whose names appear at the close of business hours on 18 April, 2023, would be entitled to the interim dividend.

The company said shareholders would be, as Beneficial owners as per the list to be furnished by the Depositories in respect of the shares held in electronic form and as Members in the Register of Members of the Company in respect of shares held in physical form.

The company plans to pay the dividend benefit to shareholders within 30 days of the declaration.

“We are glad to announce the interim dividend today. The announcement of interim dividend reflects upon the steady business performance and positive growth outlook witnessed by the company. On this occasion, we thank our shareholders for their continued trust and support. We are witnessing improved business environment and improved collections, and there is still huge untapped potential in the gold loan sector. We remain positive on the growth outlook of our company and remain committed to reward our shareholders," said George Alexander Muthoot, Managing Director, Muthoot Finance

For the year ending March 2022 Muthoot Finance has declared an equity dividend of 200 per cent amounting to 20 per share. At the current share price this results in a dividend yield of 1.99 per cent. The company's market cap is over 37,256 crore.

Muthoot Finance Ltd reported a 12.4 percent year-on-year decline in net profit at 901.6 crore for the third quarter ended December 2022. In the corresponding quarter last year, the company posted a net profit of 1,028.9 crore. 

On Thursday, the company's share was trading 2.99 per cent up at 1,019 on BSE.

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Published: 06 Apr 2023, 03:14 PM IST
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