Mid Cap Financial Stock Declares Its Largest Ever Dividend Per Share, Net Profits Grows 1392%

Leading mid cap stock operating in Term Lending Institutions sector, IDFC Ltd declared its Q3 results as well as its special interim dividend. According to the company, the special dividend announced is the largest dividend per share ever declared by IDFC. According to IDFC, "The government of India, which is IDFC's largest shareholder, will receive Rs 287 crore as this special interim dividend." The stock hit its new 52-week high in trade today. Check details below:

1. IDFC Ltd Announces Dividend

The board of directors of the company said in the BSE filing today, "Board of the Directors of the IDFC Limited (''IDFC'' or ''the Company'') at its meeting held today i.e. February 01, 2023 has considered and declared a Special Interim Dividend of 110% i.e. Rs. 11 per equity share of the Company."

The board fixed February 13, 2023 as the record date for the aforesaid special interim dividend.

2. IDFC Stock Performance & Return

The current market price of the stock is Rs 91.45 apiece with an intraday gain of 3.22%. The stock's 52-week high is Rs 92.35 apiece and 52-week low is Rs 42.25 apiece, respectively. The company has a market capitalisation of Rs 14,639.86 crore.

The stock rallied 11% in 1-week, 10% in 1-month, 15% in last 3-months, 51% in last 6-months, and 37% in last 1-year. The stock surged 148% in last 3-years.

3. IDFC Ltd Declares Q3 Result

The company said a net profit of Rs 272.05 crore was registered in Q3 FY 2023 as against Rs 18.23 crore declared for the quarter ended December 2021, up 1392% YoY. IDFC EPS has also been improved from 0.11 in December 2021 to Rs 1.70 in December 2022.

The Board, at its meeting held on February 1, 2023, accorded in-principle approval to invest Rs 2200 crore approximately in IDFC FIRST Bank to take its equity holding up from the current 36.38% to a maximum of up to 40%. This will provide growth capital to the Bank.

Disclaimer

The stock gives details about special interim dividend and record date. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.