homemarket Newsstocks NewsBharat Forge declares interim dividend of Rs 1.50 per share

Bharat Forge declares interim dividend of Rs 1.50 per share

Bharat Forge declares interim dividend of Rs 1.50 per share
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By Jomy Jos Pullokaran  Nov 14, 2022 4:55:43 PM IST (Published)

Shares of Bharat Forge ended at Rs 852.00, down by Rs 34.70, or 3.91 percent on the BSE.

Leading defence manufacturer Bharat Forge on Monday said its board has declared an interim dividend of Rs 1.50 per share with a face value of Rs 2 each.

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The interim dividend declared will be paid on or after December 13, 2022, to the shareholders who hold shares at the close of working hours on November 25, 2022, the company said in a regulatory filing.
“Declared an interim dividend of Rs 1.50 per equity share of the face value of Rs 2 each of the company (at the rate of - 75%), it said.
When a firm with stakeholders earns profit, they often share this with its investors. This particular share of earnings paid to shareholders is called a dividend.
While it’s up to the company management to decide how much payment should be paid, they are usually paid on a monthly or quarterly basis. They can be paid in different forms based on the decision of the management. It could be in form of cash payment or additional shares.
On some occasions, this could be in form of other means such as property, gifts, etc. The payment of the dividend is key for individual investors as they not only provide income for the investor but also show that the firm in which they had invested is going in a positive direction.
The company reported a 48 percent decline in its consolidated net profit to Rs 141 crore for the second quarter that ended September 30, 2022. The company posted a net profit of Rs 270 crore in the July-September period of last year.
Revenue from operations rose to Rs 3,076 crore in the period under review from Rs 2,386 crore in the September quarter last year, Bharat Forge said in a regulatory filing.
“The performance of the European operations has been adversely impacted mainly by lower than anticipated sales volumes for the aluminium forging business. The new greenfield aluminium forging facility in North America is still in a ramp-up phase and operating at utilisation levels below EBITDA breakeven levels,” Bharat Forge, chairman and managing director B N Kalyani stated.
The company expects this business to turn around in the second half of the fiscal, he added.
“Looking ahead into Q3 FY23, we expect stable performance across both the domestic and export markets driven by higher-end market demand as compared to Q2 FY23. The European aluminium operations performance will show gradual recovery over the next two quarters," Kalyani said.
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