Dividend stock: Adani Ports share price to trade 250% ex-dividend this week
- While announcing the fourth quarter and year-ended earnings for the period March 31, 2023, Adani Ports’ board of directors recommended a dividend of ₹5 per equity share of ₹2 each for the financial year 2022-23.
The shares of Adani Ports and Special Economic Zone (APSEZ), the largest private port operator in the country, will be under investors’ radar as the stock is set to turn ex-dividend this week.
Adani Ports shares will trade ex-dividend for a dividend of 250% for FY23 on Friday, July 28, 2023.
While announcing the fourth quarter and year-ended earnings for the period March 31, 2023, Adani Ports’ board of directors recommended a dividend of ₹5 per equity share of ₹2 each for the financial year 2022-23.
The dividend payout is worth a whopping ₹1,080 crore for the company in FY23.
The dividend is subject to the approval of the company’s shareholders at its 24th Annual General Meeting (AGM) which is scheduled to be held on August 8, 2023.
“The Company has fixed Friday, 28th July, 2023 as Record Date for the purpose of determining entitlement of the shareholders of the Company to receive Dividend of ₹5/- (@ 250%) per equity share having face value of ₹2/- each fully paid-up for the financial year 2022- 23,” Adani Ports had said in a regulatory filing on July 18.
The said dividend, if declared by the shareholders at the ensuing AGM, shall be paid on or after August 10, 2023, subject to deduction of tax at source as applicable, it added.
The billionaire Gautam Adani-led Adani Group port operator reported a consolidated net profit of ₹1,158.88 crore in the fourth quarter of FY23, registering a growth of 5.1% YoY. Its revenue witnessed a growth of 40% to ₹5,797 crore in Q4FY23, compared to ₹4,140.8 crore, YoY.
In FY23, the company’s consolidated net profit stood at ₹5,310.18 crore versus ₹4,886.03 crore in FY22. Revenue in the fiscal jumped to ₹20,851.91 crore in FY23 compared to ₹17,118.79 crore.
Adani Ports concluded its FY23 fiscal with the highest-ever cargo volumes, record investment, and maintaining its net debt to EBITDA ratio well within the guided range.
At 11:10 am, Adani Ports & SEZ share price was trading 0.80% higher at ₹734.70 apiece on the BSE.
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