Rekha Jhunjhunwala stock declares ₹3 per share dividend despite a 20% fall in net profit during Q4FY23
1 min read 30 Apr 2023, 07:44 PM ISTAgro Tech Foods, a small cap company, closed Friday's trading with a market valuation of ₹1,952.10 Cr.
PremiumAgro Tech Foods, a small cap company, closed Friday's trading with a market valuation of ₹1,952.10 Cr. The business of manufacturing, marketing, and selling a variety of food products and edible oils is one that the corporation is involved in.
The Board of Directors “Recommended a final dividend of Rs. 3/- per equity share for the Financial Year ended March 31, 2023, subject to the approval of shareholders. The dividend will be paid / dispatched within 30 days of the approval of the shareholders at the ensuing 36th Annual General Meeting," said Agro Tech Foods in a stock exchange filing.
The company reported a net income of Rs.202.02 crores during the quarter ended March 31, 2023 down by 5.03% YoY as compared to Rs.212.72 crores during the period ended March 31, 2022, whereas the company recorded a net income of ₹849.93 Cr during FY23 as against ₹918.99 Cr during FY22, representing a fall of 7.51%.
The company posted a net profit of ₹5.02 Cr during Q4FY23, down by 20.57% YoY from ₹6.32 Cr during Q4FY22, and during FY23 the company's PAT reached ₹15.08 Cr as against ₹25.85 Cr during FY22, representing a fall of 41.66%.
Agro Tech Foods said its EPS stood at Rs 2.07 during Q4FY23, down by 21.59% YoY from ₹2.64 in Q4FY22, whereas in FY23 its EPS reached ₹6.29 as compared to Rs 10.87 in FY22.
On Friday, the shares of Agro Tech Foods closed on the BSE at ₹801.05 apiece level, down by 2.22% from the previous close of ₹819.25. The late Rakesh Jhunjhunwala, known as “The Big Bull", held 2,50,00 shares or 1.03% stake in the company whereas his wife Rekha Jhunjhunwala held 17,53,259 shares or 7.19% stake in Agro Tech Foods during the March 2023 quarter. Commenting on the technical outlook of the stock, A R Ramachandran, Co-founder & Trainer-Tips2trades said "Weak Q4FY23 results with drop in operating margins and still a relatively high PE ratio lends a bearish trend to Agro tech Foods stock price with a strong resistance at 819.4. Investors should buy only if Daily close is above resistance or wait for a dip near support of 775-778 to initiate fresh buy positions for better returns."
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