Tata-Steel-announces-dividend-of-360-per-share-check-record-date-and-other-details

Along with the financial results for the fourth quarter, Tata Steel announced on Wednesday that the board has recommended a final dividend of ₹3.60 per share, or ₹1 apiece. The company stated in an exchange filing that it has "recommended a dividend of ₹3.60 per Ordinary (Equity) Share of face value ₹1/- each (360%) to the shareholders of the Company for FY2023-24." The consent of shareholders is required for the announced dividend. "The recommended dividend by the Company's Board of Directors is contingent upon shareholder approval at the upcoming Annual General Meeting (AGM) of the Company, which is slated to take place on Monday, July 15, 2024," the statement continued. The dividend will be paid on Friday, July 19, 2024, subject to the deduction of appropriate tax at source, if authorized by the shareholders at the AGM. The final dividend record date has been set by the corporation for July 21, 2024.

The statement read, "The Board has fixed Friday, June 21, 2024, as the Record Date for determining the Members entitled to receive the dividend for the financial year ended March 31, 2024, in accordance with Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015." On Wednesday, Tata Steel said that its consolidated net profit for the quarter ended in March 2024 had decreased by 64% to ₹611 crore from ₹1,705 crore in the corresponding period the year before. This profit amount was less than the ₹991 crore prediction made by D-Street. Furthermore, the reporting quarter's operating revenue dropped by 7% on an annual basis to ₹58,687 crore. A plan to subscribe for equity shares in one or more tranches during FY25, with the goal of infusing up to $2.11 billion (₹17,407.50 crore) into the company's wholly owned foreign subsidiary, T Steel Holdings Pte Ltd, has been approved by the board of directors. "Higher volumes in India helped Tata Steel's consolidated sales for FY2024 to come in at about $27.7 billion. With a consolidated EBITDA of ₹23,402 crores, the EBITDA margin is approximately 10%. India's EBITDA climbed by 10% year over year to ₹31,057 crores.