Apar Industries shares zoom 8% after company reports Q4 results, announces Rs 51 dividend
Shares of Apar Industries surged 8% on the BSE on Tuesday to hit a new 52-week high of Rs 8,398.95 after the company posted its revenue at Rs 4,455 crore, up 9% YoY. Its PAT declined 3% YoY to Rs 236 crore. The board of directors also announced a dividend of Rs 51 per share for FY24.
“Board of Directors of the company at its meeting held on 14th May, 2024, recommended final dividend for the financial year ended 31st March, 2024, at Rs. 51/- per share (face value Rs.10/- per share) on 4,01,68,315 Equity shares aggregating to Rs 204.86 crore. This will be paid after approval by members at the ensuing Annual General Meeting,” the filing read.
The EBITDA for the fourth quarter of FY24 was up 3% YoY at Rs 457 crore while the same for the entire FY24 was up 25% at Rs 1,632.
“Fourth quarter delivered a good performance with highest ever revenues and operating results. Our premium businesses viz, premium conductors, speciality cables and transformer oil continue to outperform. The export market witnessed a contraction because of de-inventorisation, red sea issue, inflation and higher cost of capital. However, domestic demand contributed to strong results. The fundamental growth drivers remain intact,” said Kushal N Desai, chairman & MD of APAR Industries.
Apar Industries is the world's largest conductor manufacturer, third largest transformer oil manufacturer and India's largest renewable cables manufacturer.
Apar’s Q4 volume grew 14% in the conductors’ segment and 5% in specialty oils. Q4 revenue for the cable segment
