GMDC raises FY23 dividend to Rs 11.45 per share

economictimes.indiatimes.com:

Gujarat Mineral Development Corporation (GMDC) is set to make an upward revision to its dividend payout for fiscal year 2022-23. The company will now pay a dividend of Rs 11.45 per share as against Rs 9.10 per share announced earlier. «The Board has decided to upwardly revise the dividend for FY 2022-23 to Rs 11.45 per share having face value of Rs 2 each, as against dividend of Rs 9.10 recommended earlier on 30 May, 2023,» the company said in a filing.

The record date for the said dividend is yet to be announced. Shares of GMDC will likely trade ex-dividend on the day or a day before the record date. When a company goes ex-dividend on a particular date, its stock does not carry the value of the next dividend payment.

An ex-dividend date also dictates which shareholders are eligible to receive the dividend payment. Gujarat Mineral Development Corporation is one of the leading mining players in India. It is a state public undertaking of the Gujarat government.

The state-owned company currently has 5 operational lignite mines in the Kutch, South Gujarat, and Bhavnagar regions. It is purportedly the largest merchant seller of lignite in the country. In the past 12 months, the company has declared an equity dividend amounting to Rs 4.30 per share, resulting in a dividend yield of 2.41%.

For the recent first quarter, GMDC's revenue from operations fell to Rs 766 crore, as against Rs 1155 crore in the same quarter of last year. «Amidst the ever-evolving market dynamics and operational challenges, we remain steadfast to our commitment to offering better pricing strategies that cater to the needs of our valued customers,» said Roopwant Singh, MD, GMDC. EBITDA reported in the same period was at Rs 307 crore as compared to Rs 487