State-owned engineering firm Bharat Heavy Electricals (BHEL) announced a dividend for its fourth quarter ended 31 March 2024, as per a disclosure made to the stock market on Tuesday. The board of the company also released its quarterly financial results alongside the dividend announcement.
"The board has recommended a final dividend of 12.50 per cent (Rs 0.25 per share of Rs 2 each) on the paid-up share capital of the Company for FY 2023-24. The final dividend, if approved at the Annual General Meeting, shall be paid/dispatched within 30 days from the date of the Annual General Meeting," BHEL stated in a BSE filing.
BHEL reported a consolidated net profit of Rs 489.62 crore for the March quarter, marking a decline of over 25 per cent compared to Rs 658.02 crore in the same quarter last year. The decrease in profit was primarily attributed to higher expenses.
The company's total income for the quarter rose slightly to Rs 8,416.84 crore from Rs 8,338.61 crore in the corresponding period of the previous year.
Despite the drop in net profit, BHEL's shares closed 3 per cent higher at Rs 319.20 apiece on the BSE on 21 May.
Key highlights from Bharat Heavy Electricals (BHEL) include the announcement of a final dividend of 12.50 per cent (Rs 0.25 per share), alongside a reported net profit of Rs 489.62 crore for the fourth quarter, a decrease from Rs 658.02 crore year-on-year.
The company's total income for the quarter rose marginally to Rs 8,416.84 crore from Rs 8,338.61 crore in the same period last year. BHEL's shares saw a 3 per cent increase, closing at Rs 319.20 apiece on 21 May.
The proposed final dividend will be subject to approval at the upcoming Annual General Meeting, with payment to be made within 30 days of the meeting.
