ITC, the leading FMCG major in India, has sparked investor interest with the announcement of an interim dividend of ₹6.25 per share for the financial year 2023-24. This positive news comes on the back of the company's Q3 results, which saw a 6% year-on-year rise in consolidated net profit, reaching ₹5,335 crore.
Key Highlights:
Dividend bonanza: Shareholders holding ITC shares on the record date of February 8, 2024, will be eligible to receive ₹6.25 per share. The dividend payout dates are set between February 26 and 28, 2024.
Profit growth: ITC's Q3 net profit witnessed a 6% increase compared to the same period last year, reflecting continued demand for its diverse product portfolio, ranging from cigarettes and FMCG products to stationery and paperboards.
Market reaction: While the ITC share price closed 1.2% lower on the BSE on Monday, analysts believe the dividend announcement could buoy investor sentiment in the coming days.
Analysts' views:
"This interim dividend announcement underscores ITC's strong financial performance and commitment to rewarding shareholders," said [Name of Analyst], Analyst at [Investment Firm]. "[Quote about the impact on the stock price and investor sentiment]."
Beyond the dividend:
While the dividend announcement is a positive step, investors will be keenly watching ITC's future growth prospects, particularly in its core cigarette business and its newer FMCG segments. The company's ability to navigate regulatory challenges and tap into emerging consumer trends will be crucial for its long-term success.
