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Stovec Industries, a small-cap player in the industrial sector, operates within the packaging and graphic printing domains, crafting electroformed products in the non-textile category. In a recent stock exchange filing, the company revealed its plans for a remarkable one-time special interim dividend amounting to 1570% for FY23. This decision aligns with the celebration of the company’s 50th anniversary.
The Board of Directors, convening on August 10, 2023, approved the declaration of this special dividend at Rs. 157 per equity share of Rs. 10/- each. The dividend will be disbursed to eligible shareholders on the record date of August 21, 2023, and the payment is slated to be completed on or before the stipulated due date.
Stovec Industries reported its financial performance for the quarter ending June 2023, showing a 10.99% year-on-year decrease in net sales, amounting to Rs 57.25 crore in comparison to the previous year’s Rs 64.32 crore. The firm’s net profit for Q1FY24 stood at Rs. 2.02 crore, indicating a significant decline of 83.92% from the Rs. 12.54 crore recorded in Q1FY23.
Furthermore, the company’s EBITDA experienced a 60.72% YoY drop, from Rs. 10.49 crore in the corresponding quarter last year to Rs. 4.12 crore in the current quarter.
Stovec Industries’ earnings per share (EPS) also saw a decline from Rs. 60.06 in June 2022 to Rs. 9.65 in June 2023. As of the latest update, the company’s shares on the BSE opened at Rs 2540, trading at Rs 2499.45 apiece, reflecting a 0.98% decrease from the previous close of Rs 2524.10.
In Q1FY24, the company’s shareholding structure indicated that promoters held 71.06% of shares, DIIs had a stake of 0.05%, and the public held 28.89% of the shares.
