NRB Bearings zooms 11% after Q4 PAT grows 96% and Board declares 205% dividend

During Wednesday's closing session, the market capitalization of the small-cap company NRB Bearings reached ₹1,561.42 Cr. Across all mobility applications, NRB Bearings is a well-known industry leader in needle roller bearings and standard cylindrical roller bearings.

The Board of Directors “Approved declaration of interim dividend of Rs. 4.10/- (Rupees Four and Ten Paise Only) per equity share of Rs. 2/- each, i.e., 205% (Two Hundred and Five percent). As informed, the interim dividend shall be paid to all members whose names appear on the Register of Members as on the Record Date, i.e., June 9, 2023. The interim dividend shall be paid within 30 days of the declaration thereof as per the statutory timeline mentioned in the Companies Act, 2013,” said NRB Bearings in a stock exchange filing.

The Board of Directors “Recommended Dividend of Rs. 1/- (Rupee One Only) per equity share of face value Rs. 2/- each i.e. 50% (Fifty percent), for the financial year ended March 31, 2023. The same will be paid out to the Members of the Company within 30 (thirty) days of its declaration and approval by the Members at the ensuing 58th Annual General Meeting of the Company,” said NRB Bearings in a stock exchange filing.

During Q4FY23, the company recorded consolidated revenue from operations of ₹312.44 Cr up by 22.74% YoY from ₹254.54 Cr in Q4FY22.  Its net income stood at ₹315.21 Cr compared to ₹260.76 Cr in the year-ago quarter. NRB Bearings said its consolidated net profit reached Rs. 33.34 Cr during the quarter ended March 2023 up by 96.46% YoY from Rs. 16.97 Cr recorded during the quarter ended March 2022. 

The shares of NRB Bearings closed on the BSE at ₹161.10 apiece on Wednesday up by 11.68% from the previous close of ₹144.25.