Tile maker reports 12.4 per cent revenue growth, expands margins; declares Rs 6 dividend
Kajaria Ceramics on Thursday declared a share buyback worth Rs 296.7 crore along with its fourth-quarter results, while also declaring a final dividend of Rs 6 per equity share.
The company intends to repurchase 21.5 lakh shares, accounting for 1.35 per cent of its total equity capital, at a price of Rs 1,380 per share, aggregating to Rs 296.7 crore. The record date for the buyback has not yet been finalised.
In a regulatory filing, Kajaria Ceramics said the record dates for both the buyback and the dividend will be announced later, adding that the dividend will be paid within 30 days of its declaration at the annual general meeting.
The company reported a sharp improvement in its financial performance for the quarter ended March, with net profit rising to Rs 156.6 crore compared to Rs 43.2 crore in the same period last year.
Revenue for the quarter increased 12.4 per cent year-on-year to Rs 1,373 crore from Rs 1,222 crore. Operating performance also strengthened significantly, with earnings before interest and tax rising 90.4 per cent to Rs 264 crore, while Ebitda margin expanded to 19.2 per cent from 11.3 per cent in the corresponding period of the previous fiscal.
On the bourses, Kajaria Ceramics shares declined as much as 4.71 per cent to Rs 1,171 apiece at around 3:23 pm, compared with a 0.75 per cent fall in the NSE Nifty 50.
During the session, the stock touched a low of Rs 1,162.40, marking a decline of 5.35 per cent. Despite the drop, the stock has gained 45.49 per cent over the past 12 months and is up 20.86 per cent so far this year.
