Dividend stock: Over 225 year old company to consider 2nd interim dividend today


A more than 225-year-old corporation will distribute its second interim dividend for the fiscal year 2022–2023 in April 2023. The Murugappa Group Company has informed the Indian Stock Exchanges that the Board of Directors will review and approve the second interim dividend at the Board meeting planned for today, April 10, 2023. EID Parry is the corporation in question.

“Pursuant to Regulation 29 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that a meeting of the Board of Directors of the Company (the “Board”) will be held on Monday, April 10, 2023, to consider and approve Second Interim Dividend on Equity Shares, if any, for the Financial Year 2022–2023,” EID Parry stated when informing Indian bourses about interim dividend.

History of EID Parry dividends
The Murugappa group company issued an interim dividend of 5.50 rupees per share in the third quarter of the recently concluded fiscal year, according to information posted on the BSE’s official website, For the distribution of the first interim dividend for the fiscal year 2021-23, EID Parry shares went ex-dividend on November 22, 2022. Prior to November 2022, EID Parry traded ex-dividend on March 10th and March 17th in anticipation of paying its shareholders an interim dividend of $5.50 per share. The dividend-paying stock didn’t declare any dividend in 2020, which is understandable given the blow to business caused by the Covid-19 pandemic outbreak and subsequent statewide lockdown.

Results for EID Parry during the third fiscal quarter of 23
The top sugar-producing business published Q3FY23 results with consolidated PAT (Profit After Tax) of 482 crores, up 22% from Q3FY22 results of 395 crores. Nevertheless, in the quarter that ended in December 2022, the standalone PAT of the dividend-paying shares fell by 13.70% to 15.70 crore. The Murugappa group company recorded operating revenue of $727 million for the third quarter of FY23, an increase of almost 6% over the same quarter last year when compared to operating revenue of $686 million.