BackDebt-free stock announces 100% dividend and 1:2 stock split: Do you own?
Supreme Petrochem Ltd is a mid-cap company having a market cap of ₹6,693.33 Crore operating in the petrochemical sector.
PremiumSupreme Petrochem Ltd is a mid-cap company having a market cap of ₹6,693.33 Crore operating in the petrochemical sector. The company is engaged in manufacturing million tons of Polymers and Expandable Polystyrene (EPS). According to Value Research's data, Supreme Petrochem is a debt-free company, but what is pretty exciting is that the company's board of directors announced Q2 results, a 100% dividend, and a 1:2 stock split at their meeting today, October 27, 2022.
The company has said in a stock exchange filing that its Board of Directors have “Declared Interim Dividend of ₹4/- (four) per equity share of the Company having face value of ₹4/- (four) (viz. 100%) for the Financial Year 2022-2023 on its paid up equity share capital (consisting of 94020671 equity shares of Rs. 4/- each) entailing an outgo of Rs.3760.83 Lakhs. The Company has fixed Friday, November 4, 2022 as the "Record Date" for the purpose of eligibility of aforesaid Interim Dividend. Accordingly, the shareholders of the Company as at the close of business hours on Friday, November 4, 2022 will be eligible for payment of dividend."
The company has also informed stock exchanges about the stock split by saying that its Board of Directors has transacted/approved “Sub-Division/Split of existing equity share of the Company from 1 (one) equity share having face value of ₹4/- each, fully paid-up into 2 (two) equity shares having face value of Rs.2/- (two) each fully paid-up, subject to approval of shareholders of the Company. The Record Date for such subdivision/split of equity shares will be intimated in due course."
On a standalone basis, the company reported net sales of ₹1231.75 Cr in Q2FY23 compared to ₹1189.26 Cr reported in Q2FY22 representing a YoY growth of 3.57% and the sales reported in June quarter or Q1FY23 was ₹1484.18 Cr representing a QoQ fall of 17%. In Q2FY23, the company reported a total revenue of ₹1246.31 Cr compared to ₹1195.35 Cr reported in Q2FY22 representing a YoY growth of 4.26% but QoQ the net revenue has fallen 16.77% from ₹1497.44 Cr recorded in June quarter.
The company reported a profit before tax (PBT) of ₹78.03 Cr in the quarter ended September 2022 compared to ₹167.72 Cr recorded in the same quarter last year representing a YoY fall of 53.47%, whereas the PBT has fallen from ₹252.24 recorded in June quarter or Q1FY23 representing a QoQ fall of 69%. In Q2FY23 the company reported a net profit of ₹59.64 Cr compared to ₹127.07 Cr reported in Q2FY22 and ₹189.09 recorded in Q1FY23, representing a YoY fall of 53.06% and QoQ fall of 68.45%.
The shares of Supreme Petrochem Ltd closed today at ₹708.00 apiece, down by 2.94% from the previous close of ₹729.45. In trade today the stock recorded a total volume of 43,556 shares compared to the 20-Day average volume of 36,730 shares. In the last 1 year, the stock has gained 12.86% but on a YTD basis, the stock has fallen 0.29% so far in 2022. For the quarter ended September or Q2FY23, the company reported a promoter shareholding of 64.14%, FIIs holding of 2.20%, DIIs holding of 2.26%, Government holding of 0.09%, and public stake of 31.31%.
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