Mazagon Dock Shipbuilders Ltd. has approved an interim dividend of ₹15.34 per share for its shareholders. This will result in a total payout of ₹309.39 crore which will be paid from the company's profit.
This is also the highest ever dividend that Mazagon Dock has declared as a public company. Its previous highest dividend was ₹9.1 that it declared in November 2022.
Record date for the purpose of this interim dividend has been fixed as November 20. This means that shareholders who own the stock as of this date will be eligible for this dividend.
The dividend will be paid on or before December 7, 2023.
For the September quarter, Mazagon Dock reported revenue of operations worth ₹1,827 crore, which is higher than the ₹1,702 crore it reported during the same quarter last year.
Net profit for the period also increased to ₹332.9 crore, compared to ₹213.9 crore in the year-ago quarter.
Operating profit or EBITDA for the quarter increased by 50% year-on-year to ₹176.7 crore, while EBITDA margin expanded by nearly 300 basis points to 9.7% from 6.9% in September last year.
In an interaction post its June quarter earnings, the company's management had raised its financial year 2024 revenue growth guidance to between 12% and 15% from 10% to 12% guided earlier.
Chairman & Managing Director Sanjeev Singhal had said that as of June 30, the company's order book stood at ₹39,000 crore and that will continue for the next four to five years.
Having listed three years ago, Mazagon Dock has been among the more successful IPOs from the government's stable. The stock is up more than 14x from its IPO price of ₹144 apiece.
The stock will also see 4.03 crore shares or 20% of its outstanding equity free up for trading once its shareholder lock-in period ends on November 19.
Shares of Mazagon Dock Shipbuilders had ended 0.5% higher on Wednesday at ₹1,981. The stock is down 20% from its recent peak of ₹2,484.
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