ITC announces Rs 9.50 per share dividend; sets May 30 as record date

ITC Limited will reward its shareholders with a dividend of Rs 9.50 per share, expected to be paid between August 14 and 17, the company said in its filing to the exchanges. The company today announced a final dividend of Rs 6.75 per share and a special dividend of Rs 2.75 per share for the financial year ended March 31, 2023.

The company had previously announced a dividend of Rs 6 per share on February 15. The total dividend payout for FY23 stands at Rs 15.50 per equity share.

The record date has been fixed as May 30 to determine the eligibility of shareholders for the purpose.

The diversified company, which has business interests in FMCG, hotels, agri and paper sectors, today reported a consolidated net profit of Rs 5,175 crore for the March quarter — a rise of 23% year-on-year. The same stood at Rs 4,196 crore a year ago. The revenue from operations during the quarter surged 7% to Rs 19,058 crore as against Rs 17,754 crore in the year-ago period.

The Q4FY23 earnings were announced during market hours. The ITC stock ended at Rs 418.85 on the NSE, down by Rs 8.75 or 2.05% from Wednesday’s closing price.

The stock has given returns of nearly 60% over the past 12 months, outperforming the Nifty50 by 47% according to Trendlyne data. The returns given by the 50-stock index during this period has been 11.5%, data suggested.

ITC shares also reached their 52-week high of Rs 433.55 this month. Despite market volatility, the counter has been relatively less volatile and traded with a 1-year beta of 0.54 according to Trendlyne.

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