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Business News/ Markets / Stock Markets7.50/Share: FMCG giant ITC declares final dividend for FY24 with Q4 results; Record date fixed
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₹7.50/Share: FMCG giant ITC declares final dividend for FY24 with Q4 results; Record date fixed

ITC Dividend: The FMCG giant announced a final dividend for FY24 and has fixed the record date as June 4

ITC Dividend: The FMCG giant declared a final dividend of ₹7.50 per equity share for FY24 (Mint)Premium
ITC Dividend: The FMCG giant declared a final dividend of 7.50 per equity share for FY24 (Mint)

ITC Dividend: ITC announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on Thursday, May 23. While releasing the quarterly numbers, the board recommended a final dividend of 7.50 per equity share for the face value of Re 1 each for fiscal 2023-24 (FY24), subject to approval of shareholders.

ITC said that the final dividend declared today, together with the interim dividend of 6,25 per share - declared in January 2024, makes the total dividend for the FY24 at 13.75 per equity share. ITC has fixed June 4, 2024 as the record date of the payment of the final dividend. 

Also Read: ITC Q4 profit down 1.3% on subdued demand

In a regulatory filing to the stock exchanges, IT said, ‘’The board at the aforesaid meeting has also -

(a) recommended Final Dividend of 7.50 per ordinary share off Re 1 each for the financial year ended March 31, 2024, subject to declaration of the same by the Members at the ensuing 113th Annual General Meeting (AGM) of the company convened for Friday, July 26, 2024; 

The final dividend, if declared, will be paid between Monday, July 29, 2024 and Wednesday, July 31, 2024 to those Members entitled thereto.

Together with the Interim Dividend of   6.25 per ordinary share declared by the board on January 29, 2024, the total Dividend for the financial year ended March 31, 2024 would be 13. 75 per ordinary share of Re 1 each.

(b)fixed Tuesday, June 4, 2024 as the record date for the purpose of determining entitlement of the members for payment of final dividend.''
 

ITC Q4 Results

ITC on Thursday reported a 1.3 per cent drop in its standalone net profit to 5,020.20 crore in the three months ended March amid weak demand during the quarter. Net profit for the maker of Gold Flake cigarettes and Bingo chips was slightly below the 5,150 crore estimated by a Bloomberg poll of 20 analysts.

Revenue from operations grew 1.4 per cent to 17,752.87 crore from 17,506.08 crore a year earlier. The revenue figure exceeded D-Street estimates of 17,191 crore. The company saw a decline in revenues in its agriculture and paperboards, and paper and packaging businesses during the quarter.

Also Read: ITC’s Sanjiv Puri takes over as CII president for 2024-25

The company's expenses jumped 2.4 per cent to 12,017.71 crore year-on-year during January-March. FMCG revenue (excluding cigarettes) rose 7.1 per cent to 5,300.17 crore in the three months ended 31 March driven by staples, biscuits, snacks, dairy, homecare and incense sticks.

For the full year, the business grew 9.6 per cent year-on-year to 20,966.83 crore. For FMCG-others segment, earnings before interest, taxes, depreciation and amortization or EBITDA for the quarter stood at 616.42 crore. Shares of ITC settled 0.33 per cent higher at 441.20 apiece on the BSE.

 

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 23 May 2024, 03:31 PM IST
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