Novartis India Declares Generous ₹25 Per Share Final Dividend for FY 2023-24

Novartis India Ltd declared a final dividend of ₹25 per share for FY 2023-24, which is significantly higher than past years. This was announced on May 10, 2024. The ex-dividend date was fixed for July 23, 2024, and the record date for July 24, 2024. This amount corresponds to a strong dividend yield of about 9.26% considering the latest share price of the company.

 

Key Highlights

 

The dividend of ₹25 per share is significantly greater than the previous year's last dividend of ₹10 per share, demonstrating the firm's intention to reward shareholders amidst a difficult operating environment.

 

Payment will be in cash, and record date of July 24, 2024, shall be entitled for payment.

 

The current market price of Novartis India trades between ₹785.75 to ₹837.45 per share, making the dividend yield significantly appealing to investors.

 

The firm is still nearly debt-free and continues to offer a sound dividend yield, reflecting its balance sheet strength and shareholder value emphasis.

 

This release comes even as Novartis India posted quarter-on-quarter as well as year-on-year drop in net profit for the quarter ended March 2024, reflecting the confidence of the management in its future prospects and cash balances.

 

This dividend announcement is unique in the Indian pharma industry, where stable and significant payouts are viewed as a hallmark of financial solidity and judicious management of capital.

 

Sources: BlinkX, Moneycontrol, INDmoney, Motilal Oswal, Screener