Board of Ratnamani Metals declares 600% dividend, net profit up 73% YoY in Q4

During today's closing session, Ratnamani Metals Tubes Ltd, a mid-size company, achieved a market cap of ₹16,513.68 Cr. The company provides tubing and piping solutions to a wide range of industries and specialised markets in its core sectors, such as the oil and gas, refinery and petrochemical, dairy, chemical and fertiliser, thermal, solar and nuclear power industries, LNG, desalination, defence and aerospace industries.

“The Board has recommended a Dividend of Rs.12.00 per Equity Share (i.e. @ 600%) on 7,00,92,000 Equity Shares of Rs.2.00 each to the members for the financial year ended on March 31, 2023, subject to the approval of the Members at the ensuing 39th Annual General Meeting of the Company. The dividend, if approved by the members at the ensuing AGM, would be paid to the members subject to deduction of tax at source, on or before September 2, 2023,” said Ratnamani Metals Tubes in a stock exchange filing.

During Q4FY23, the company’s consolidated net income stood at Rs 1505.63 Cr up by 53% YoY from ₹983.99 Cr recorded in Q4FY22. Ratnamani Metals and Tubes said its net profit stood at Rs 192.57 Cr during the quarter ended March 2023 up by 72.50% YoY from ₹111.63 Cr recorded during the year-ago quarter. The EPS of Ratnamani Metals and Tubes reached ₹27.47 during Q4FY23 as against ₹15.93 in Q4FY22.

“The Board recommended seeking enabling resolution for the Issuance of Unsecured / Secured Redeemable Non-Convertible Debentures / Bonds (NCDs) by way of Private Placement for an amount not exceeding Rs.500.00 Crores, in one or more tranches, subject to the approval of the Members in the ensuing 39th Annual General Meeting of the Company,” said Ratnamani Metals and Tubes in a stock exchange filing.

After hitting an all-time high level of ₹2,528.00 on Thursday, the shares of Ratnamani Metals and Tubes closed today on the NSE at ₹2,359.90 apiece down by 1.23% from the previous close of ₹2,389.30.