Board recommends 1:2 bonus share and 270% dividend

AMN / BIZ DESK

Shares of Kansai Nerolac surged about 10 per cent to Rs 434 on the NSE on Tuesday’s intra-day trade but dropped to Rs 397 even as the company’s profit after tax (PAT) zoomed 194 per cent year-on-year (YoY) to Rs 94 crore on account of strong operational performance.

Compared to a consolidated net profit of ₹19.17 crore in the January-March period a year earlier, Kansai Nerolac Paints Ltd. recorded a consolidated net profit of ₹96.24 crore for the fourth quarter ending March 2023, showing a YoY rise of 401.56% YoY.

The company also declared issue of bonus equity shares in the ratio of 1:2 i.e. 1 bonus equity share for every 2 equity shares held in the company, subject to shareholders’ approval. Further, the board recommended a dividend of 270 per cent (Rs 2.70 per share) for the financial year ended March 31, 2023, as compared to total dividend of 225 per cent (Rs 2.25 per share) in the previous year.

“The Board has recommended a dividend of 270% (Rs. 2.70 per share) for the financial year ended 31st March, 2023 as compared to the dividend of 225% (Rs. 2.25 per share) paid for the financial year ended 31st March, 2022. Dividend, when declared, will be payable on or after Friday, 30th June, 2023 to those Members whose names are registered in the Register of Members of the Company as on Thursday, 25th May, 2023 and to the Beneficiary holders as per the beneficiary list as on Thursday, 25th May, 2023 provided by National Securities Depository Limited and Central Depository Services (India) Limited,” said Kansai Nerolac Paints in a stock exchange filing.

“This is to inform you that the Board of Directors of Kansai Nerolac Paints Limited has, at the Board Meeting held today i.e. on Monday, 8th May, 2023, inter alia considered and approved the proposal for declaration of Bonus Equity Shares in the ratio of 1:2, subject to approval of the Shareholders of the Company,” said Kansai Nerolac Paints.