At A Dividend Yield of 6.41% Chemical Stock Sets Record Date For Rs 10/Share Dividend

Gujarat State Fertilizers and Chemicals Limited is a mid-cap corporation that operates in the chemical industry. Gujarat State Fertilizers & Chemicals Limited is a Gujarat government-owned chemical and fertiliser companies. Gujarat State Fertilisers & Chemicals Limited's board of directors has proposed a dividend of Rs. 10 per equity share of Rs. 2 each fully paid up, i.e., 500%, for the fiscal year ended March 31, 2023. For the purpose of the same, record date has been finalized which market watchers may take into consideration.

Gujarat State Fertilizers and Chemicals Dividend

"The Register of Members and the Share Transfer Books of the company shall remain closed from Friday the 08th September, 29,23 to Friday the 22nd September, 2023 (both days inclusive) for the purpose of ascertaining the entitlement for payment of dividend' Dividend upon its declaration at the Annual General Meeting, will be paid @ Rs.10.00 per equity shares of the company on or after 28th September, 2023 to those members whose names appear on the Register of Members of the Company on the Book Closure Date," said Gujarat State Fertilizers and Chemicals in a stock exchange filing.

As per the data available on stock exchanges, Gujarat State Fertilisers & Chemicals announced an equity dividend of 500.00% at a face value of Rs 2 equaling Rs 10 per share for the fiscal year ended March 2023. At the current share price of Rs 156.25, this equates to a dividend yield of 6.41%. The firm has a solid dividend track record, having distributed dividends on a steady basis over the previous five years. According to Trendlyne, Gujarat State Fertiliser & Chemicals Ltd. has issued 22 dividends since August 29, 2001.

Gujarat State Fertilizers and Chemicals Financials

The company recorded an operating revenue of Rs 2,031 Cr in Q1FY24 compared to Rs 3,061 Cr in Q1FY23. Its net revenue stood at Rs 2,080 Cr during the quarter under review as against Rs 3,092 Cr in the year-ago quarter. The company's operating EBITDA reached Rs 138 Cr in June 2023 quarter compared to Rs 536 Cr in the same quarter of FY23. The net profit of Gujarat State Fertilizers and Chemicals stood at Rs 106 Cr in Q1FY24 compared to Rs 356 Cr in Q1FY23 and its EPS reached Rs 2.67 from Rs 8.93 in Q1FY 22-23.
"Lately, the country has received very good rains.

Further, IMD has predicted continuity of good rains during the rest of the Monsoon & thereby the company expects healthy demand for fertilizers. Global prices of fertilizers and imported raw materials have bottomed out now & are gradually experiencing reversal.Since annual shutdown of Ammonia and other plants is already over at Baroda complex, the company expects consistency in production at Baroda & Sikka plants, besides supplementation through imports to fulfil the demand. Fertilizers outlook is stable. On the Industrial Products front, volatile international market conditions are likely to squeeze margins. Management will continue to optimize the Product Mix to mitigate this impact," said the management of Gujarat State Fertilizers and Chemicals in a regulatory filing.

Gujarat State Fertilizers and Chemicals Share Price

While writing this copy, the shares of Gujarat State Fertilizers and Chemicals were trading at Rs 156.25 on the BSE. The stock made a 52-week-high of Rs 183.40 on (18/05/2023) and a 52-week-low of Rs 116.10 on (28/03/2023). During Q1FY24, the company recorded promoters shareholding of 37.84%, FIIs stake of 20.54%, DIIs stake of 2.57%, Govt stake of 5.65% and public stake of 33.41%.