Tata Steel (TATA) Declares ₹3.60 Dividend Per Share: Key Record Date and Investor Details Inside

• Tata Steel, on Wednesday, announced that the board has recommended a final dividend of ₹3.60 per share of face value ₹1 each along with fourth quarter financial results.
• The dividend announced is subject to shareholders’ approval at the upcoming Annual General Meeting (AGM).
• “The dividend recommended by the Board of Directors of the Company is subject to the approval of the shareholders at the ensuing AGM of the Company scheduled to be held on Monday, July 15, 2024,” the company said in an exchange filing.

Tata Steel announces a final dividend of ₹3.60 per share for FY2023-24, subject to shareholders’ approval at the AGM on July 15, 2024.

Tata Steel Q4 Results

Tata Steel, on Wednesday, announced a 64 percent decline in its consolidated net profit for the quarter ending March 2024, amounting to ₹611 crore, down from ₹1,705 crore in the same quarter the previous year. This profit figure was below D-Street’s estimate of ₹991 crore.

Revenue and Financial Performance

Additionally, the revenue from operations for the reporting quarter decreased by 7 percent year-on-year to ₹58,687 crore. The company’s board has approved a proposal to inject up to $2.11 billion (₹17,407.50 crore) into its wholly owned foreign subsidiary, T Steel Holdings Pte Ltd, by subscribing to equity shares in one or more tranches during FY25.

Dividend Details and Shareholders’ Approval

The dividend recommended by the Board of Directors is subject to the approval of the shareholders at the AGM scheduled for July 15, 2024. If approved, the dividend will be paid subject to deduction of applicable tax at source, on and from Friday, July 19, 2024. The company has set July 21, 2024, as the record date for the final dividend.

Operational Highlights

Tata Steel Consolidated revenues for FY2024 were around $27.7 billion, aided by higher volumes in India. Consolidated EBITDA was ₹23,402 crores, which translates to an EBITDA margin of around 10%. India EBITDA increased by 10% YoY to ₹31,057 crores, with margin improvement of around 200 bps to 22%, translating to Profit after tax (excluding exceptional items) of ₹17,514 crores. For the quarter, Consolidated revenues were ₹58,687 crores and EBITDA was marginally higher at ₹6,631 crores on QoQ basis. Consolidated cash flow from operations was around ₹7,400 crores for the quarter and ₹20,300 crores for the full year. Our capital expenditure was ₹4,850 crores for the quarter and ₹18,207 crores for the full year, up 29% YoY. Our Group liquidity remains strong at ₹31,767 crores. The Board has recommended a dividend of ₹3.60 per share,” said Koushik Chatterjee, Executive Director and Chief Financial Officer.

Conclusion

In summary, Tata Steel’s financial performance for Q4 FY2024 shows a significant decline in net profit, but the company remains committed to rewarding its shareholders with a final dividend of ₹3.60 per share, subject to approval. The company’s strategic investments and strong liquidity position indicate a positive outlook for the future.