Indian automobile major Maruti Suzuki India Ltd. announced on Wednesday a final dividend of Rs 90 per share for the previous fiscal, along with earnings for the quarter and year ended March 31, 2023.
This is the first dividend the company has announced for fiscal 2023. The firm will see a total outgo of Rs 2,718.72 crore with this dividend payout, according to an exchange filing.
The dividend will be paid on Sept. 6, 2023, if the shareholders grant their approval to it, it said.
For the fiscal ended March 31, 2022, Maruti Suzuki had declared a final dividend of Rs 60 per share, resulting in an overall outgo of around Rs 1,812.50 crore.
The dividend has been announced as Maruti Suzuki reported growth in top line for the March quarter of FY23 on higher sales and rise in realisations. The company posted 43% year-on-year growth in net profit at Rs 2,623.6 crore as against an estimate of Rs 2,565 crore.
Its revenue for the quarter under review rose 20% to Rs 32,048 crore, as against a forecast of Rs 32,365 crore.
The leading carmaker in India registered 5.3% year-on-year growth in sales at 5.15 lakh units in the March quarter, even as exports dipped 5.5% to over 64,000 units during the period.
Shares of Maruti Suzuki closed 0.26% higher at Rs 8,503.15 apiece on Wednesday, while the Sensex gained 0.3% to close at 60,300.58.
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