Tata Steel announces dividend of ₹3.60 per share; check record date and other details | Stock Market News (2024)

Tata Steel, on Wednesday, announced that the board has recommended a final dividend of ₹3.60 per share of face value ₹1 each along with fourth quarter financial results.

“Recommended a dividend of ₹3.60 per Ordinary (Equity) Share of face value ₹1/- each (360%) to the shareholders of the Company for FY2023-24,” the company said in an exchange filing.

The dividend announced is subject to shareholders approval. “The dividend recommended by the Board of Directors of the Company is subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company scheduled to be held on Monday, July 15, 2024,” it added.

If approved by the shareholders at the AGM, the dividend will be paid subject to deduction of applicable tax at source, on and from Friday, July 19, 2024.

The company has set July 21, 2024 as the record date of the final dividend. “Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has fixed Friday, June 21, 2024, as the Record Date for determining the Members entitled to receive the dividend for the financial year ended March 31, 2024,” it said.

Additionally, the revenue from operations for the reporting quarter decreased by 7 per cent year-on-year to ₹58,687 crore.

The company's board has approved a proposal to inject up to $2.11 billion ( ₹17,407.50 crore) into its wholly owned foreign subsidiary, T Steel Holdings Pte Ltd, by subscribing to equity shares in one or more tranches during FY25.

“Tata Steel Consolidated revenues for FY2024 were around $27.7 billion aided by higher volumes in India. Consolidated EBITDA was ₹23,402 crores, which translates to an EBITDA margin of around 10%. India EBITDA increased by 10% YoY to ₹31,057 crores, with margin improvement of around 200 bps to 22%, translating to Profit after tax (excluding exceptional items) of ₹17,514 crores. For the quarter, Consolidated revenues were ₹58,687 crores and EBITDA was marginally higher at ₹6,631 crores on QoQ basis. Consolidated cash flow from operations was around ₹7,400 crores for the quarter and ₹20,300 crores for the full year. Our capital expenditure was ₹4,850 crores for the quarter and ₹18,207 crores for the full year, up 29% YoY. Our Group liquidity remains strong at ₹31,767 crores. The Board has recommended a dividend of ₹3.60 per share," said Koushik Chatterjee, Executive Director and Chief Financial Officer

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First Published:

29 May 2024, 07:54 PM IST