Asian Paints, a leading paint manufacturer has announced that the record date, for its dividend in the financial year 2023 24 is November 3, 2023. This comes as the company continues to reward its shareholders having paid out a dividend of Rs 25.65 per share in the fiscal year amounting to a remarkable payout of 2,565 percent. On Monday Asian Paints stock demonstrated strength in the market. Closed higher by 0.3 percent at Rs 3,205.5 per share on the BSE exchange. According to data, from Trendlyne stock analysis portal Asian Paints has a track record of declaring dividends since October 16th,2000 with a total of forty nine dividends announced far.
In a filing Asian Paints disclosed that its board will convene on October 26 2023 to discuss the following matters;
1. Review audited unaudited financial results for the quarter and half year ending on September 30 2023.
2. Consider declaring a dividend for the year ending March 31 2024 (2023 24).
In the year Asian Paints has paid out dividends Rs 25.65, per equity share resulting in a dividend yield of 0.80 percent based on the current share price of Rs 3,206.30.
Strong Performance in the First Quarter of FY24
Asian Paints had a start to the year 2023 24 with an impressive 52.5 percent year on year increase in consolidated net profit for the first quarter reaching Rs 1,550.4 crore. This performance exceeded what analysts had predicted. According to a filing the companys quarterly revenue also saw growth rising from Rs 8,606.9 crore to Rs 9,182.3 crore compared to the period last year.
One of the factors contributing to Paints success has been their improved margins, which increased by 510 basis points compared to last year and reached 23.2 percent. These enhanced margins were achieved through efforts to improve efficiency and formulate strategies while optimizing sourcing practices and benefiting from lower inflation impacting raw material prices.
Outperforming the Market
Paints shares have proven to be an investment over the past five years, with an impressive return of nearly 150 percent. This performance surpasses that of the index which grew by only 80.7 percent during the same period.
The companys steady expansion and regular distribution of dividends have consistently drawn the attention of investors establishing its presence within the paint industry.
Asian Paints continues to hold its position, as a leader, in the market and both investors and industry experts are eagerly awaiting the board meeting and dividend announcement. Keep an eye out for updates as the company continues to make strides in the business and finance sectors.