Ajanta Pharma on Monday announced that its board would consider declaring a dividend this week. The company's board of directors will meet on July 27 to consider declaring an interim dividend, if any, for the financial year ending March 31, 2024.
The company also announced that the record date for payment of the interim dividend, if declared, will be fixed as August 4, 2023.
Notably, the board will also consider and take on record the unaudited financial results for the June quarter in its July 27 meeting. The company has also organised an earnings conference call at 4 pm on the same day to discuss the quarterly numbers.
For the June quarter, brokerage firm Nirmal Bang expects Ajanta Pharma to report a net profit of Rs 190.5 crore, up 9.1 percent year-on-year and 55.8 percent quarter-on-quarter.
The company’s net sales are expected to increase 9.6 percent year-on-year and 18.2 percent quarter-on-quarter to Rs 1,042.3 crore, according to Nirmal Bang estimates.
Earlier in March, the company’s board had approved a buyback of 22.1 lakh equity shares of face value of Rs 2 each through the tender offer route at a price of Rs 1,425 apiece. This translated into a buyback of 2.59 percent of the total equity stake of the company.
This was Ajanta Pharma's third buyback of equity shares in as many years. The first buyback happened in November 2020, while the second one was in January 2022.
