Ashok Leyland’s stock will be closely watched on Tuesday following the company’s announcement of an interim dividend of ₹4.95 per share for the fiscal year ending March 2024. This interim dividend reflects a payout of 495% to the face value.
In a filing to the stock exchange on March 25, Ashok Leyland stated, “The Board of Directors of the Company, at their meeting held today, has declared an Interim Dividend of ₹4.95/- per equity share of Re 1/- each, for the financial year ending 2023-24.”
The record date for determining the shareholders eligible to receive the interim dividend is set for Wednesday, April 3, 2024. The company has indicated that the interim dividend will be paid on or before April 23, 2024.
As per the T+1 settlement cycle, Ashok Leyland shares will trade ex-dividend on the record date, April 3. On the ex-dividend day, the stock will not include the value of the upcoming dividend payment.
In the previous year, Ashok Leyland paid a dividend of ₹2.60 per share in 2023 and Re 1 dividend in 2022.
Ashok Leyland reported a standalone net profit of ₹580 crore in the quarter ending December 2023, marking a substantial growth of 60.5% from ₹361.34 crore in the corresponding period of the previous year.
The company’s standalone revenue in Q3FY24 saw a modest increase of 2.7% to ₹9,273 crore from ₹9,029.7 crore in the same period last year.
Despite the dividend announcement, Ashok Leyland’s share price has declined by over 8% since the beginning of this year. However, over the past twelve months, Ashok Leyland shares have recorded a growth of more than 20%.
On Friday’s trading session, Ashok Leyland shares closed marginally lower by 0.21% at ₹166.55 apiece on the BSE.
