Laxmi Organic to Approve 30% Final Dividend in the Upcoming 35th AGM
Laxmi Organic Industries is to approve a 30% final dividend of ₹0.60 per share on ₹2 face value, a total ₹165.92 million at the 35th AGM with the record date as July 19, 2024, and the final payment date is on or after August 4, 2024.
by Damodharan N
Updated Jul 09, 2024
Table of Content
Laxmi Organic Industries Limited has announced a final dividend of 30% (₹0.60 per equity share) for the financial year ending March 31, 2024. This is based on the face value of ₹2/- per share.
The total payout for this dividend will be approximately ₹165.92 million, contingent upon approval by shareholders at the upcoming 35th Annual General Meeting (AGM) which is scheduled for Tuesday, July 30, 2024, at 11:00 AM through video conferencing (VC)
Key dates associated with this dividend declaration include:
- Dividend Announcement Date: May 21, 2024
- Record Date for Dividend Eligibility: July 19, 2024
- Dividend Payment Date: On or after August 4, 2024
This move highlights Laxmi Organic's commitment to returning value to its shareholders. If the dividend is approved, shareholders can expect their dividends to be distributed On or after August 4, 2024.
Additionally other key AGM decisions include approval of the audited standalone and consolidated financial statements for the year ending March 31, 2024, declaration of a 30% final dividend, and re-appointment of Mr. Ravi Goenka as Director.
Special business includes ratifying the cost auditors’ remuneration, appointing Mr. Manish Chokhani as Non-Executive Non-Independent Director, revising Mr. Harshvardhan Goenka's remuneration.
Appointing Mr. Vijay Ratnaparkhe as an Independent Director, re-appointing Mr. Ravi Goenka as Executive Chairman & Whole-time Director, and approving the 'Laxmi Employee Stock Option Scheme 2024' to grant up to 42,50,000 stock options to eligible employees.
Laxmi Organic Annual Report
Laxmi Organic Industries Limited is a leading chemical company in India, with a diverse portfolio of products across its Essentials and Specialties business verticals. The company was established in 1979 and has evolved into a global player, with manufacturing facilities across India, Europe, and North America.
Business Verticals
Laxmi Organic Industries Limited operates across two key business verticals:
- Essentials Business: This vertical focuses on the production of acetyl intermediates, making Laxmi Organic a leading supplier in India and among the top 3 players globally (excluding China).
Revenue Contribution (2023-24): 30%
Profit Contribution (2023-24): 33%
- Specialties Business: This vertical specializes in downstream derivatives of ketene, diketene, fluorine intermediaries, and other specialty chemicals. Laxmi Organic is a leading supplier in India and among the top 5 players globally.
Revenue Contribution (2023-24): 70%
Profit Contribution (2023-24): 67%
Financial Performance
Laxmi Organic Industries Limited delivered a strong financial performance in FY 2023-24, with robust growth in revenue, EBITDA, and net profit compared to the previous year down below are the Standalone Financials for FY 2023-24:
- Revenue from operations increased by 5.0% to ₹28,244.77 million
- EBITDA increased by 17.1% to ₹3,190.01 million
- Profit Before Tax (PBT) increased by 14.8% to ₹2,105.60 million
- Net Profit increased by 15.5% to ₹1,556.51 million
The standalone financial results for Laxmi Organic Industries Limited from the director's report.
|
Particulars |
Year Ended March 2024 |
Year Ended March 2023 |
|
Revenue from operation |
28,244.77 |
26,905.98 |
|
Profit before depreciation, interest and tax |
3,190.01 |
2,723.47 |
|
Finance Cost |
197.49 |
184.72 |
|
Depreciation |
886.92 |
704.60 |
|
Profit before tax (PBT) |
2,105.60 |
1,834.15 |
|
Tax |
549.09 |
486.76 |
|
Net profit |
1,556.51 |
1,347.39 |
Management's Discussion and Analysis
The MD&A offers valuable insights into the company's strengths and challenges allowing investors and stakeholders to better understand its trajectory and growth potential.
Key Strengths:
- Diversified product portfolio and customer base across industries
- Strong R&D capabilities driving innovation and new product development
- Robust manufacturing infrastructure and operational excellence
- Experienced management team and skilled workforce
Key Challenges:
- Volatility in raw material prices and supply chain disruptions
- Increasing competition in the specialty chemicals market
- Regulatory changes and environmental compliance requirements
Future Outlook
Laxmi Organic is focused on the following key objectives for the next year:
- Expanding production capacities and diversifying the product portfolio
- Investing in R&D to develop innovative solutions for customers
- Exploring strategic partnerships and acquisitions to drive inorganic growth
- Enhancing sustainability initiatives and ESG practices
Laxmi Organic has delivered a strong financial performance in FY 2023-24, driven by its focus on innovation, operational efficiency, and customer-centric approach.
Read the full Annual Report and AGM Notice Here
Laxmi Organic Industries Limited
Laxmi Organic Industries Limited is a leading chemical company in India, known for its innovative approach, strong focus on safety, and commitment to sustainability. Established in 1979, the company has grown to become the #1 player in acetyl intermediaries in India and #3 globally (excluding China), and the top player in ketene and diketene intermediaries in India.
With over 30 in-house developed products and a diverse portfolio that includes essential chemicals and specialties like fluorine intermediates, Laxmi Organic caters to various industries such as pharmaceuticals, agrochemicals, packaging, and more.
With a robust manufacturing infrastructure and strategic expansion plans, Laxmi Organic aims to maintain its market leadership and continue its growth trajectory in the global chemical industry.
Laxmi Organic to Approve 30% Final Dividend in the Upcoming 35th AGM - FAQs
1. What was Laxmi Organic's revenue from operations for FY 2023-24?
Laxmi Organic's revenue from operations for the financial year 2023-24 was ₹28,244.77 million.
2. How much did Laxmi Organic's revenue from operations increase in FY 2023-24 compared to the previous year?
Laxmi Organic's revenue from operations increased by 5.0% in the financial year 2023-24 compared to the previous year.
3. What was Laxmi Organic's EBITDA for FY 2023-24?
Laxmi Organic's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the financial year 2023-24 was ₹3,190.01 million.
4. What percentage did Laxmi Organic's EBITDA grow in FY 2023-24?
Laxmi Organic's EBITDA grew by 17.1% in the financial year 2023-24 compared to the previous year.
5. What was the Profit Before Tax (PBT) for Laxmi Organic in FY 2023-24?
The Profit Before Tax (PBT) for Laxmi Organic in the financial year 2023-24 was ₹2,105.60 million.
6. How much did Laxmi Organic's Profit Before Tax increase in FY 2023-24 compared to the previous year?
Laxmi Organic's Profit Before Tax increased by 14.8% in the financial year 2023-24 compared to the previous year.
7. What was the net profit for Laxmi Organic in FY 2023-24?
The net profit for Laxmi Organic in the financial year 2023-24 was ₹1,556.51 million.
8. What percentage did Laxmi Organic's net profit increase in FY 2023-24?
Laxmi Organic's net profit increased by 15.5% in the financial year 2023-24 compared to the previous year.
9. What was the finance cost for Laxmi Organic in FY 2023-24?
The finance cost for Laxmi Organic in the financial year 2023-24 was ₹197.49 million.
10. What was the depreciation expense for Laxmi Organic in FY 2023-24?
The depreciation expense for Laxmi Organic in the financial year 2023-24 was ₹886.92 million.
11. What was Laxmi Organic's revenue from operations in FY 2022-23?
Laxmi Organic's revenue from operations in the financial year 2022-23 was ₹26,905.98 million.
12. What was the profit before depreciation, interest, and tax (PBDIT) for Laxmi Organic in FY 2022-23?
The profit before depreciation, interest, and tax (PBDIT) for Laxmi Organic in the financial year 2022-23 was ₹2,723.47 million.
13. What was Laxmi Organic's finance cost in FY 2022-23?
The finance cost for Laxmi Organic in the financial year 2022-23 was ₹184.72 million.
14. What was the depreciation expense for Laxmi Organic in FY 2022-23?
The depreciation expense for Laxmi Organic in the financial year 2022-23 was ₹704.60 million.
15. What was the Profit Before Tax (PBT) for Laxmi Organic in FY 2022-23?
The Profit Before Tax (PBT) for Laxmi Organic in the financial year 2022-23 was ₹1,834.15 million.
16. What was the tax expense for Laxmi Organic in FY 2023-24?
The tax expense for Laxmi Organic in the financial year 2023-24 was ₹549.09 million.
17. What was the tax expense for Laxmi Organic in FY 2022-23?
The tax expense for Laxmi Organic in the financial year 2022-23 was ₹486.76 million.
18. What was Laxmi Organic's net profit in FY 2022-23?
Laxmi Organic's net profit in the financial year 2022-23 was ₹1,347.39 million.
19. What percentage of Laxmi Organic's revenue in FY 2023-24 came from the Essentials Business?
In the financial year 2023-24, 30% of Laxmi Organic's revenue came from the Essentials Business.
20. What percentage of Laxmi Organic's profit in FY 2023-24 came from the Essentials Business?
In the financial year 2023-24, 33% of Laxmi Organic's profit came from the Essentials Business.
21. What percentage of Laxmi Organic's revenue in FY 2023-24 came from the Specialties Business?
In the financial year 2023-24, 70% of Laxmi Organic's revenue came from the Specialties Business.
22. What percentage of Laxmi Organic's profit in FY 2023-24 came from the Specialties Business?
In the financial year 2023-24, 67% of Laxmi Organic's profit came from the Specialties Business.
23. What is the face value of Laxmi Organic's equity shares?
The face value of Laxmi Organic's equity shares is ₹2/- per share.
24. What is the final dividend declared by Laxmi Organic for FY 2023-24?
Laxmi Organic has declared a final dividend of 30%, which is ₹0.60 per equity share, for the financial year 2023-24.
25. What is the total payout for the final dividend declared by Laxmi Organic for FY 2023-24?
The total payout for the final dividend declared by Laxmi Organic for the financial year 2023-24 will be approximately ₹165.92 million.
26. When was the dividend announcement date for Laxmi Organic in 2024?
The dividend announcement date for Laxmi Organic in 2024 was May 21, 2024.
27. What is the record date for dividend eligibility for Laxmi Organic in 2024?
The record date for dividend eligibility for Laxmi Organic in 2024 is July 19, 2024.
28. When will the dividend payment date be for Laxmi Organic in 2024?
The dividend payment date for Laxmi Organic in 2024 will be on or after August 4, 2024.
29. What are the main business verticals of Laxmi Organic? .
Laxmi Organic operates primarily through two business verticals: Essentials Business and Specialties Business.
30. What are the primary products of Laxmi Organic's Essentials Business?
The Essentials Business of Laxmi Organic primarily focuses on the production of acetyl intermediates