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Business News/ Markets / Stock Markets/  Specialty chemical stock turns ex-dividend today with a payout of 18 apiece
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Specialty chemical stock turns ex-dividend today with a payout of ₹18 apiece

With a market valuation of ₹8,486.63 Cr, Galaxy Surfactants Ltd. is a mid-cap company that engages in the specialty chemical industry.

The shares of Galaxy Surfactants closed today on the NSE at ₹2,385 apiece, down by 0,75% from the previous close of ₹2,403.05. (istockphoto)Premium
The shares of Galaxy Surfactants closed today on the NSE at 2,385 apiece, down by 0,75% from the previous close of 2,403.05. (istockphoto)

With a market valuation of 8,486.63 Cr, Galaxy Surfactants Ltd. is a mid-cap company that engages in the specialty chemical industry. With an exclusive emphasis on serving the home and personal care industries, the firm is one of the top players in the field of surfactants and specialty care chemicals. An Indian MNC that produces more than 200 products is engaged in serving 1750+ clients in more than 80 countries. The company also announced a dividend of Rs. 18 per share for its eligible shareholders along with the announcement of its Q3FY23 earnings.

The company said in a stock exchange filing that its Board of Directors has “Declared an interim dividend of Rs.18 /- per equity share of face value of Rs. 10/- each. As informed earlier the record date for the payment of interim dividend will be Monday, February 20, 2023." As per the data available on the BSE, the stock has also turned ex-dividend today which indicates that Galaxy Surfactants stock has traded today without the value of the upcoming dividend payment.

During Q3FY23, Galaxy Surfactants recorded net revenue of 1,084.0 Cr compared to 930.9 Cr in Q3FY22, representing a YoY growth of 16.5%. The company said its EBITDA reached 157.8 Cr in Q3FY23, up by 101.9% YoY from 78.1 Cr in Q3FY22. The net profit of Galaxy Surfactants stood at 106.2 Cr in the quarter ended December 2022, up by 132.8% YoY from 45.6 Cr in the year-ago quarter.

Commenting on the performance Mr. U. Shekhar, Managing Director, Galaxy Surfactants Limited said, “This has been a good quarter for us. On the macro front, while global demand continues to remain uncertain, a significant improvement on the supply front has aided performance. India remains a bright spot for us. While the slowdown in Europe adversely impacted specialty volumes in this quarter, Q-O-Q improvement in AMET Volumes is a positive sign. As it is said 'Offense wins Games but Defence wins Championships'; this year continues to test our defence. Despite the multifold challenges, your company has delivered its highest EBITDA and Net Profit in this Quarter. A robust business model, strong risk management practices, judicious price calls along with experience in handling such volatility has enabled us to deliver this. To summarize, while subsiding inflation along with improving supply side factors offer a ray of hope, global pickup in consumption holds the key now."

The shares of Galaxy Surfactants closed today on the NSE at 2,385 apiece, down by 0,75% from the previous close of 2,403.05. The stock touched a 52-week-high of 3,447.55 on (07-Sep-2022) and a 52-week-low of 2,302.35 on (25-Jan-2023). During Q3FY23, the company recorded a promoter shareholding of 70.93%, FIIs stake of 2.78%, DIIs stake of 12.72%, and a public stake of 13.59%.

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (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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Published: 20 Feb 2023, 04:40 PM IST
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