Ambika Cotton Mills Declares Final Dividend for FY 2024
Dividend Announcement: Shareholders of Ambika Cotton Mills, a prominent player in the cotton yarn manufacturing sector, will be pleased to learn that the company has announced a final dividend of Rs 35 per share for the financial year 2024. The record date to determine shareholder eligibility for this dividend is set for September 20, 2024. It’s essential for shareholders to ensure their names are recorded in the Register of Members or Depositories as beneficial owners of shares by this date to qualify for the dividend.
Annual General Meeting Details
The final dividend will be subject to approval at the 36th Annual General Meeting (AGM) of the company, scheduled for September 27, 2024. Founded in 1988 and headquartered in Coimbatore, Tamil Nadu, Ambika Cotton Mills has emerged as a trusted name in both domestic and international yarn markets. Notably, exports account for approximately 60% of the company’s total revenue, highlighting its strong presence in global markets.
Company Overview
Ambika Cotton Mills operates five manufacturing units primarily located in Dindigul, Tamil Nadu. The company has enjoyed considerable growth and currently boasts a market capitalization exceeding Rs 1000 crore. The share price of Ambika Cotton Mills was recorded at Rs 1781.25 on the Bombay Stock Exchange (BSE) on September 13, 2024.
Historical Dividend Payments
This year’s proposed dividend of Rs 35 per share follows similar distributions in the financial years 2021, 2022, and 2023, showcasing the company’s commitment to rewarding its shareholders. The company’s shares have a face value of Rs 10 each.
Performance Snapshot
| Time Period | Revenue (Rs Crore) | Net Profit (Rs Crore) |
|---|---|---|
| Q1 FY 2024 (April-June) | 209.09 | 21.53 |
| FY 2024 | 823.46 | 62.98 |
Stock Performance
Promoter holdings stood at 50.17% at the end of June 2024. Over the past six months, Ambika Cotton Mills’ stock has shown impressive growth, increasing by nearly 23%. It reached a 52-week high of Rs 2,180 on August 1, 2024, while experiencing a 52-week low of Rs 1,400 on March 28, 2024. This fluctuation underlines the stock’s volatility and potential for future gains.
As the company approaches its annual meeting, investors will be keen to see how the management plans to sustain growth and navigate challenges in the market. The ongoing focus on expanding export capabilities might play a crucial role in enhancing revenue streams moving forward.
Disclaimer: The information provided in this article is for informational purposes only. Investing in the stock market involves risks, and it is recommended to seek professional advice before making any investment decisions. Always consider your financial circumstances and objectives.
