Home / Markets / Stock Markets /  Payment of interim dividend at 600% approved by agrochemical stock. Check record date

Coromandel International Ltd's board of directors approved an interim dividend of 6 per share (representing 600%) while announcing its earnings for the third quarter ended December 2022. Shares of Coromandel International were trading more than a per cent lower at 872 apiece on the BSE in Friday's deals.

“The Board approved payment of Interim Dividend for the financial year 2022‐23 at Rs. 6/‐ (Rupees Six only) per equity share, representing 600%, on the equity share of face value of Re 1/‐ each fully paid. The Interim Dividend will be paid on or after February 27, 2023, but within 30 days from the declaration of Interim Dividend in terms of the relevant provisions of the Companies Act, 2013. The Record Date for determining the members eligible to receive aforesaid Interim Dividend is February 17, 2023," the company informed in an exchange filing on Thursday.

In the past 12 months, Coromandel International has declared an equity dividend amounting to 12 per share, which at the current share price results in a dividend yield of 1.36%, as per data by stock analytics platform Trendlyne.

During the quarter under review, the Agricultural chemicals' maker consolidated net profit rose by 38% to 527 crore from a year earlier, whereas its revenue from operations climbed about 64% to 8,310 crore.

“The company saw a higher nitrogen, phosphorous, potassium fertilizer sales along with higher subsidy realization in the nutrients business, thus boosting their revenue. For the crop protection segment, domestic formulation and B2B business grew which was offset with headwinds faced in the export markets," said Arun Alagappan, executive vice chairman, Coromandel International.

Coromandel is a leading agricultural brands in India involved in manufacturing of fertiliser for crop protection and special nutrients. The stock has gained more than 6% in a year's period.

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