Muthoot Finance Announces a 22 rupee interim dividend

The largest gold lender in Kerala, Muthoot Finance, announced an interim dividend of 220% for the fiscal year (FY) 22–23 on Thursday at Rs 22 per share with a Rs 10 face value.

The entire distribution of dividend

The entire distribution for the interim dividend would be Rs 883.19 crore. The business went public in the 2011–12 fiscal year and has consistently announced dividend payments each year.

Within 30 days after the declaration date, the dividend will be paid to shareholders. The business has now issued an interim dividend that exceeds 100% of face value four times. In the previous fiscal year, the business distributed a 200% interim dividend or Rs 20 per share.

Muthoot Finance set Record Date

For stockholders eligible to receive the aforementioned dividends, the shareholding record date is April 18, 2023.

Muthoot Finance MD’s comments

The interim dividend announcement “reflects the company’s stable business performance and positive growth outlook,” said George Alexander Muthoot, MD of Muthoot Finance.

The Financials of Muthoot Finance

Muthoot Finance’s consolidated net profit for the third quarter of FY23 was Rs 934 crore compared to Rs 1,044 crore in the corresponding period of the previous financial year, a drop of 10.5%. The company’s consolidated revenue fell 4.3% to Rs 3,030 crore from Rs 3,168 crore. Consolidated loan assets under management rose to Rs 65,085 crore, up 7% year-on-year from Rs 60,896 crore a year earlier.

For investors, the announcement of an interim dividend is encouraging since it shows that the business is financially sound and making money. Additionally, it offers shareholders a consistent stream of revenue. It’s crucial to remember that dividend payments are subject to taxes and other legal obligations, which may have an impact on the ultimate distribution to shareholders.

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