Dwarikesh Sugar Industries declares 200% dividend, FIIs stake down in Q3

With a market valuation of Rs. 1,571.75 Cr., Dwarikesh Sugar Industries is a small-cap business that operates in the fast-moving consumer goods (FMCG) sector. Dwarikesh Sugar Industries Ltd is a diversified industrial firm that specialises in manufacturing the finest sugar grains and is a market leader in the Indian sugar sector. The company has declared a 200% dividend and for the purpose of the same the Board has declared record date to recognize the eligible shareholders.

This is to inform you that, pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirement) Regulations 2015 as amended from time to time, the Board of Directors have fixed Friday, March 31, 2023 as Record Date for the purpose of payment of Interim Dividend at 200% i.e. ₹2/- per Equity Share of ₹1/- each declared by the Board of Directors in its meeting held on March 20, 2023 for the Financial Year 2022-23. The interim dividend will be paid within stipulated as prescribed under law," said Dwarikesh Sugar Industries in a stock exchange filing on Monday.

Dwarikesh Sugar Industries has announced an equity dividend of 200.00% at face value of ₹1, or ₹2 per share, for the fiscal year that ended in March 2022. This generates a dividend yield of 2.38% at the current share price of ₹83.85. Since October 31, 2005, Dwarikesh Sugar Industries Ltd. has announced 9 dividends, according to data from Trendlyne, and in the last 12 months, the company has also declared an equity dividend of ₹2.00 per share. This generates a dividend yield of 2.38% at the current share price of ₹83.85.

During Q3FY23, the company recorded a net income of ₹391.73 Cr compared to ₹602.32 Cr recorded during Q3FY22. The company's net expenses reached ₹370.71 Cr during the quarter ended December 2022 compared to ₹557.32 Cr recorded during the quarter ended December 2021. Dwarikesh Sugar Industries said its EBIT stood at ₹21.02 Cr during Q3FY23 compared to ₹45.00 Cr during the year-ago quarter and its net profit stood at ₹10.52 Cr compared to 28.88 Cr reported in the December quarter of FY22. The EPS of Dwarikesh Sugar Industries reached ₹0.56 during Q3FY23 against ₹1.53 during Q3FY22.

The shares of Dwarikesh Sugar Industries were last seen trading on the NSE at ₹83.85 apiece level. During Q3FY23, the company recorded a promoter shareholding of 42.09%, FIIs stake of 5.66%, DIIs stake of 3.27%, Government stake of 0.13% and a public stake of 48.84%. According to Trendlyne data, Promoters' holdings are intact at 42.09% in the December 2022 quarter, FII/FPI holdings are down from 7.01% in the September 2022 quarter to 5.66% in the December 2022 quarter, Mutual Fund holdings are constant at 3.25% in the Q3FY23, and Institutional Investors' holdings are down from 10.39% in the Q2FY23 quarter to 9.06% in the Q3FY23 quarter.

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