This multibagger mid cap stock declares 150% dividend, check record date
With a market valuation of ₹13,828.76 Cr, KEI Industries Limited is a mid-cap company that engages in the industrial industry.
PremiumWith a market valuation of ₹13,828.76 Cr, KEI Industries Limited is a mid-cap company that engages in the industrial industry. Through a massive array of more than 5000 channel partners, the firm serves customers in over 45 countries while maintaining an international footprint. The company, which has its headquarters in New Delhi, India, provides a wide array of cabling and wiring solutions. The corporation today released its third quarter fiscal year 2022–2023 earnings and announced a 150% dividend for the fiscal year.
The company today has informed stock exchanges that its Board of Directors has approved “Declaration of Interim Dividend of Rs.3.00/- (i.e. @ 150%) per Equity Share of face value of Rs.2.00/- each for the Financial Year 2022-23. Further, as per Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company has fixed 03rd day of February, 2023 as the "record date" for determining the shareholders entitled to receive the interim dividend for the financial year 2022-23."
The firm also disclosed that Mr. Sadhu Ram Bansal has been reappointed as an independent director for a second term of five consecutive years, effective from January 24, 2023, to January 23, 2028, subject to postal ballot approval from shareholders.
On a standalone basis, the company reported net sales of ₹1784.31 Cr in Q3FY23 compared to ₹1563.84 Cr recorded in the year-ago quarter, representing a YoY growth of 14.10%. The company posted a net profit of ₹128.61 Cr in the quarter ended December 2022 as against ₹101.24 Cr recorded in the same quarter last year, representing a YoY growth of 27.03%. KEI Industries recorded an EPS of ₹14.26 per share in Q3FY23 compared to ₹11.24 per share recorded in Q3FY22.
On a consolidated basis, the company recorded net sales of ₹1784.31 Cr in Q3FY23 as against ₹1563.84 posted in Q3FY22. The company declared a net profit of ₹128.60 Cr in the quarter ended Q3FY23 as against ₹101.22 recorded in the year-ago quarter, representing a YoY growth of 27.04% YoY.
The shares of KEI Industries Limited closed today on the NSE at ₹1,525.25 apiece level, up by 0.53% from the previous close of ₹1,517.15. The stock recorded a total volume of 65,678 shares compared to the 20-Day average volume of 188,730 shares. In the last 1 year, the stock has gained 37.54% and on a YTD basis, it has gained 3.01% so far in 2023. The stock touched a 52-week-high of ₹1,661.95 on (27-Oct-2022) and a 52-week-low of ₹951.00 on (22-Feb-2022). In the last 3 years, the stock has generated a multibagger return of 190% and in the last 5 years, it has generated a multibagger return of 308.37%.
Ravi Singhal, CEO, GCL said “KEI Industries has delivered good profit growth of 32.0% CAGR over last 5 years. The company is almost debt free and has posted robust profit margins and growth performance in recent quarters. On technical setup, the stock is showing strength on the daily and weekly chart pattern. The momentum indicators are suggesting levels of 1620 from medium term perspective."
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