Despite slowdown in net profit growth during the third quarter of the current financial year, promoters of companies have been distributing share of profits to their shareholders by way of interim dividends.
So for, 89 companies have declared hefty interim dividends in the range of 5 per cent to 300 per cent in the October-December quarter.
Tata Consultancy Services tops the list by announcing 300 per cent dividend in the third quarter. The list also includes Ircon International (255 per cent), HCL Technologies (200 per cent) and NMDC (115 per cent).
Cummins India, Essel Propack, HCL Infosystems, Kirloskar Oil Engines, Kirloskar Brothers and LMW declared 100 per cent interim dividend each.
For the quarter ended December 2005, these 89 companies collectively posted Rs 6,932 crore (Rs 69.32 billion) net profit against Rs 6,272 crore (Rs 62.72 billion) reported in the corresponding quarter of the previous year.
Among other hefty dividend paying companies, Shipping Corporation announced 85 per cent interim dividend, Asian Hotels 80 per cent, Godrej Consumer Products and NRB Bearings 75 per cent each and Dredging Corporation, GAIL and Mastek declared 60 per cent each.
Madras Cements, Patel Engineering, Ramco Industries and Rane Engine Valves announced 40 per cent interim dividend each and Balkrishna Industries, Glenmark Pharma, Gujarat Reclaim Rubber and Macmillan India 30 per cent each.
Next in the ladder are seven companies - Crompton Greaves, G E Shipping, MMTC, Mro-tek, Suzlon Energy and PSL Holdings - which declared 25 per cent interim dividend while 20 per cent interim dividend each was declared by another six companies.
Promoters of 26 companies declared more than last year's dividend in the first nine months by way of interim dividends and 69 firms announced or paid half off their last year's dividends in the first nine months.
Monsanto India, Asian Hotels, EIH, Shipping Corporation, NMDC, Rane Madras and Financial Technologies paid more than last year's dividends in the first nine months as interim dividend.
TCS announced interim dividend of 300 per cent (Rs 30 on Re 1 paid-up equity share) for the third time in a row.
The company has paid 300 per cent interim dividend in the last two quarters, taking the interim dividend tally to 900 per cent (Rs 90 per share) for FY06 against 1,150 per cent (Rs 115 per share) paid in FY05.
Godrej Consumer Products too declared three interim dividends of 75 per cent each. The company has paid 225 per cent (Rs 9 on Rs 4 paid-up equity share) interim dividend for FY06 against 300 per cent total dividend paid last year.
NMDC, Patel Engineering, Madras Cements, Sundaram Fasteners, Balkrishna Industries, GMM Pfaudler, Colgate, Ramco Industries and Crompton Greaves declared a second interim dividend in last three quarters.
