HDFC Life sets record date for final dividend for FY23: Key details to note
2 min read 08 May 2023, 09:31 PM ISTHDFC Life Insurance Company is a large cap company recorded a market cap of ₹1,18,141.56 Cr during today's market closing.
PremiumHDFC Life Insurance Company is a large cap company recorded a market cap of ₹1,18,141.56 Cr during today's market closing. HDFC Life is one of India's leading life insurance company. The Board of Directors of the company has fixed record date for final dividend for FY 2022‐23.
“We wish to inform that the 23rd AGM of the Company will be held on Friday, July 21, 2023, through video‐conferencing. Other relevant details are being provided in the AGM notice, which will be issued in due course. Pursuant to Regulation 42 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Record Date for the purpose of ascertaining the entitlement of the shareholders to the final dividend of Rs. 1.90/‐ per share of face value of Rs. 10/‐ each for FY 2022‐23, shall be Friday, June 16, 2023. The payment of final dividend will be made on or after July 26, 2023, subject approval by the Members at the ensuing AGM and also subject to deduction of tax at source," said HDFC Life Insurance Company in a stock exchange filing.
In the March 2023 quarter, HDFC Life reported a standalone PAT of ₹358.66 crore, up 13.8% from ₹315.22 crore in the year-ago quarter. However, from a profit of ₹357.52 crore in Q4 of FY22, the rise in PAT was only 0.31% year-on-year. Net premium income at HDFC Life rose by double digits, rising by 35.9% YoY and 35.1% QoQ to reach ₹19,426.57 crore in Q4FY23. Compared to Q4FY22's 620.74 crore and Q3FY23's 692.83 crore, net commissions climbed to ₹1,111.43 crore in the quarter under review.
On a consolidated basis, the fourth quarter ended March 31, 2023 period net profit was ₹361.97 crore. When compared to ₹315.91 crore in the prior quarter or Q3FY23, the PAT jumped by 14.6%. However, compared to the ₹506.19 crore achieved in Q4FY22, the profit fell by 28.5% year-on-year. Consolidated net premium income grew by 24.6% YoY and 35.2% QoQ to reach ₹19,468.60 crore in Q4FY23.
An equity dividend of 17% at a face value of ₹10 or ₹1.7 per share has been issued by HDFC Life Insurance Company for the fiscal year that ended in March 2022, or FY22. A dividend yield of 0.31% results in the current share price of ₹550.10. The company has routinely issued dividends for the past five years and has a strong dividend track record. Since December 15, 2017, HDFC Life Insurance Company Ltd. has announced 4 dividends, according to statistics from Trendlyne.
The shares of HDFC Life Insurance Company closed today on the NSE at ₹550.10 apiece up by 1.93% from the previous close of ₹539.70.
