Hero MotoCorp. announced on Wednesday a dividend of Rs 40 per equity share for the financial year 2024, awaiting shareholders' approval at the annual general meeting. The company had announced the distribution of Rs 799 crore to unitholders in the fourth quarter of the previous fiscal.
The dividend will be dispatched within 30 days of the AGM. The register of members and share transfer books of the company will remain closed between Aug. 2 and Aug. 12 to determine the entitlement of the members for the final dividend, according to an exchange filing.
The company had issued an interim dividend and a special dividend of Rs 75 and 25, respectively, on Feb. 21. In total, it issued a dividend of Rs 140, which amounts to Rs 2,798 crore.
In comparison the company in FY23 paid Rs 100 as dividend. On Jul. 27, 2022, the company gave a final dividend of Rs 35.
Hero MotoCorp.'s net profit rose 18% year-on-year to Rs 1,016 crore in the March quarter.
The shares of Hero MotoCorp rose as much as 2.53% to Rs 4,590 apiece, as of 3:20 p.m. This compares to a 0.02% decline in the NSE Nifty 50 Index.
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