Rs 2/Share Dividend Declared: Multibagger PSU Reports 292% Jump In Q3 Net, Shares Up 10.41%

Multibagger Navratna PSU Stock Engineers India Ltd on Friday declared a jump of 292% in its net consolidated net profit to Rs 63.35 crore for Q3 FY24 as compared to Rs 16.12 crore declared in the corresponding quarter of last year. The Board of directors also recommended an interim dividend of Rs 2/- per share on the face value of Rs 5 each of the company for the financial year 2023-24.

Last trading price of Engineers India shares on BSE is Rs 261.55 apiece with intraday rally of 10.41%. Engineers India shares zoomed 108% in last 3-months and soared 208% in last 1-year. Check details below:

Engineers India Declares Interim Dividend: As per the regulatory filing of the company dated February 2, 2024, "declared an Interim Dividend of Rs 2/- per share (on the face value of Rs 5/- each) of the Company for the financial year 2023-24."

Engineers India Record Date For Interim Dividend: As informed earlier, the Record date for Interim Dividend 2023-24 is Monday, 12'h February, 2024. The Interim Dividend for the financial year 2023-24 on the equity shares of the Company shall be payable on & from Friday, 23'd February, 2024. The Dividend warrants would be posted on or after 23'd February, 2024 and within 30 days from the date of declaration of dividend as per the provisions of the Companies Act, 2013, added the BSE filing of the company.

Engineers India Q3: The company declared its revenue from operation surged by 3.02% to Rs 867.64 crore for the December quarter from Rs 842.18 crore declared in the similar quarter of last year. Meanwhile, profit before tax jumped by 3.52% year on year (YoY) to Rs 71.44 crore for the quarter ended December 31, 2023. Its revenue from Consultancy & Engineering Projects surged 2.37% YoY to Rs 370.37 crore and income from Turnkey Projects was at Rs 497.27 crore, up 3.52% YoY.

The company declared that for 9M FY24, its consolidated net profit rose 111.24% YoY to Rs 329.73 crore. Revenue surged marginally to Rs 2475.72 crore in 9M FY24 from Rs 2450.04 crore declared in 9M FY23, according to the company's BSE filing.

Engineers India Stock Performance & Return Over Years: The 52-week high price of Engineers India shares on BSE is quoted at Rs 273.80 per share and 52-week low price is quoted at Rs 70.10 apiece, respectively. The company has a market capitalisation of Rs 14,700.22 crore. Engineers India shares rallied 208% in last 1-year and soared 272% in last 2-years. In last 3-years, Engineers India stock jumped 254%. The scrip jumped 44% year-to-date.

LIC Reduced Stake: It is worth noting here that Life Insurance Corporation of India (LIC) reduced its stake in Engineers Indi by nearly 2% via open market last year in November. LIC revealed in its BSE filing dated November 23, 2023 that it sold 1.14 crore shares of the PSU during the period from February 2, 2021 to November 22, 2023 at an average price of Rs 118.08 apiece. Consequently, LIC's entire stake in Engineers India declined to 3.122% from the earlier 5.155%.

About Engineers India: Engineers India Ltd (EIL) is a leading global engineering consultancy and EPC company. Established in 1965, EIL provides engineering consultancy and EPC services principally focused on the oil & gas and petrochemical industries. The Company has also diversified into sectors like infrastructure, water and waste manage ment, solar & nuclear power and fertilizers to leverage its strong technical competencies and track record, according to its official website. Engineers India Ltd (EIL), a Navratna PSU, is one of the leading design and engineering organizations in South Asia, according to its Linkedin profile.

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