Banco Products (India) Limited, a prominent player in the auto accessories industry, has made significant dividend declarations.
In just 3 months, dividends have surged by 50%, and over the span of a year, an impressive 100% increase has been achieved.
The company recently declared a dividend of Rs 14 per share, with the ex-dividend date set for September 23, 2023.
Continuous Stock Surge
Following this remarkable announcement, Banco Products’ stock witnessed a notable 16% rise, reaching a closing price of Rs 400.
Starting the day at Rs 362, the stock reached a peak of Rs 397 during trading hours.
Company Profile
Established in 1961, Banco Products specializes in manufacturing auto accessories, including radiators, alongside a diverse product portfolio.
Promoters and Stake Changes
The promoters currently hold a substantial 67.88% stake in the company, a figure consistent over the past five quarters.
Foreign Institutional Investors (FII) have shown increased interest, raising their stake from 0.37% in June 2022 to 1.87% in June 2023.
However, FII’s share slightly decreased compared to the March quarter.
Impressive Financial Performance
Comparing the April-June quarters of the business years 2022-23 and 2023-24, Banco Products’ performance stands out.
Profits have risen by 8%, reaching Rs 272 crore from last year’s Rs 251 crore.
Furthermore, revenues have surged by a staggering 226%, reaching Rs 110 crore from the previous year’s Rs 33 crore.
The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) has also increased significantly, up by 180% to Rs 129 crore, compared to the previous year’s Rs 46 crore.
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