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DailyBubble News

Dividend stocks: Laurus Labs shares to trade ex-dividend today

Laurus Labs Ltd will be in the spotlight on Wednesday, May 8, as the company’s Board of Directors has declared an interim dividend of ₹0.40 per equity share for eligible shareholders. The record date to determine eligibility for the dividend is also set for May 8.

In a recent stock exchange filing, Laurus Labs Ltd announced the approval of the 2nd interim dividend of Rs. 0.40 per equity share for the financial year 2023-24. The dividend will be paid on or after May 17, 2024, and shares of the company will trade ex-dividend on Wednesday.

Despite a 26.58% decline in consolidated profit after tax (PAT) to ₹75.61 crore in the fourth quarter ending March 31, 2024, Laurus Labs reported a 4% YoY rise in revenue from operations to ₹1,439.67 crore. The company also noted an 18% margin in earnings before interest, tax, depreciation, and amortization.

For the financial year ended March 2024, Laurus Labs saw an 80% YoY drop in consolidated PAT to ₹161 crore due to various factors impacting revenue. The company’s revenue from operations for FY24 stood at ₹5,040.83 crore, reflecting a 17% YoY decline.

Looking ahead, Satyanarayana Chava, founder and CEO of Laurus Labs, expressed confidence in the company’s resilience and commitment to growth through R&D-led commercial excellence. Despite challenges, the company remains focused on improving margins and capitalizing on late-phase commercial opportunities.

On the stock market, Laurus Labs shares closed at ₹429.35 on BSE, down ₹9.35 from the previous close of ₹438.70. Investors and stakeholders can stay updated on business news and market events by downloading The Mint News App for daily updates.

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