Rekha Jhunjhunwala stock declares ₹3 per share dividend despite 20% fall in net profit during Q4FY23

The Board of Directors recommended a final dividend of Rs. 3/- per equity share for the financial year ending March 31, 2023, subject to shareholders’ approval. In a stock exchange filing, Agro Tech Foods said, the dividend will be paid/remitted within 30 days of the approval of the shareholders in the forthcoming 36th Annual General Meeting.

The company reported a net income of Rs 202.02 crore during the quarter ended March 31, 2023, a decline of 5.03% as compared to Rs 212.72 crore during the quarter ended March 31, 2022. 849.93 Cr during FY23 as against 918.99 Cr during FY22, representing a decline of 7.51%.

The company posted a net profit of 5.02 Cr during Q4FY23, down 20.57% YoY 6.32 Cr during Q4FY22, and PAT of the company during FY23 reached 15.08 crore as against 25.85 crore during FY22, representing a decline of 41.66%.

Agro Tech Foods said its EPS during the fourth quarter of FY2023 stood at Rs 2.07, lower by 21.59% over the previous year. 2.64 in Q4FY22, while its EPS in FY23 reached 6.29 as compared to Rs.10.87 in FY22.

Agro Tech Foods share on BSE on Friday 801.05 each level, down 2.22% from previous close 819.25. Late Rakesh Jhunjhunwala, popularly known as “The Big Bull”, held 2,50,00 shares or 1.03% stake in the company, while his wife Rekha Jhunjhunwala held 17% in Agro Tech Foods during the March 2023 quarter. ,53,259 shares or 7.19% stake. Commenting on the technical outlook of the stock, AR Ramachandran, Co-Founder & Trainer – Tips2Trades said, “Weak results in Q4 FY2023 with a decline in operating margin and still a relatively high PE ratio is in favor of Agro Tech Foods stock.” Price strengthens bearish trend. Resistance at 819.4. Investors should buy only if daily close above resistance or dips near support of 775-778 to initiate fresh buying for better returns wait for.”