This Hospital Stock Declares 120% Dividend, Sets Record Date; Do You Own?

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Last Updated: February 15, 2023, 13:22 IST

Apollo Hospitals on Tuesday declared an interim dividend

Apollo Hospitals on Tuesday declared an interim dividend

Apollo Hospitals on Tuesday declared an interim dividend of Rs 6 per share for the financial year 2022-23

Apollo Hospitals on Tuesday declared an interim dividend of Rs 6 per share for the financial year 2022-23 with record date fixed next week on Friday February 24, 2023. The shares of the company were trading more than 3 per cent higher at Rs 4,435 apiece on the BSE in Wednesday’s afternoon deals.

“The board of directors declared an interim dividend of Rs 6 per share (120 per cent of face value of Rs 5 per share) for the financial year ending 31st March 2023, on the paid up equity shares, out of the profits of the company,” it informed in an exchange filing yesterday.

The board has fixed the record date as 24th February 2023 for the purpose of payment of interim dividend and the said interim dividend will be paid to the equity shareholders, whose names appear in the Registrar of Members/Beneficial Owners of the company as on the close of business hours of 23rd February. The said interim dividend will be paid to all the equity shareholders of the company on or before 10th March 2023, the company added.

It reported a 33.27 per cent year-on-year (YoY) decline in its consolidated profit after tax to Rs 153.46 crore for the quarter ended December 31, 2022. The company had reported a net profit of Rs 228.37 crore in the same quarter of the previous fiscal year.

During the quarter, the company has allotted 1,050 unsecured, redeemable non-convertible debenture of the face value of Rs 10 lakh each, with a coupon rate of 7.7 per cent, aggregating to Rs 105 crore to ICICI Bank on a private placement basis. These debentures are redeemable on January 12, 2024 and have been listed and admitted to dealing on the wholesale debt market segment of NSE w.e.f. 16th December 2022.

“The company had acquired a 60 per cent equity stake for a consideration of Rs 26.37 crore in Kerala First Health Services (KFHSL), which offers quality systems driven Ayurveda medical care services under the AyurVAID Hospitals brand. Consequently, KFHSL became a subsidiary of the company and has been consolidated with effective from 2nd December 2022. The resultant goodwill of Rs 21.27 crore has been presented within the healthcare segment,” Apollo Hospital.

Should you Invest?

Pravesh Gour, Senior Technical Analyst at Swastika Investmart, said: “Apollo Hospitals Enterprise is observing profit booking at higher levels. It is witnessing the formation of the right shoulder of a Head & Shoulder pattern on the daily chart. It is taking support at around the 200-DMA (Rs 4,200), while on the upside, Rs 4,450 is the resistance level, above which, we can expect Rs 4,600 levels in the near term.”

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