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Business News/ Markets / Stock Markets/  Rekha Jhunjhunwala stock declares 3 per share dividend despite a 20% fall in net profit during Q4FY23

Agro 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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Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Updated: 30 Apr 2023, 07:50 PM IST
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