MM Forgings Ltd. (MMF), as part of its golden jubilee celebrations, has announced a bonus issue in the ratio of 1:1, subject to necessary approvals.
“This is the fourth bonus issue since going public. The earlier bonus shares were issued during 2005, 2008 and 2018. Further, we have increased the interim dividend payout to ₹8 per share,” Chairman and Managing Director Vidyashankar Krishnan said during an interaction.
The castings and forging manufacturer reported 15% growth in standalone net profit for the year ended March at ₹145 crore.
Revenue from operations grew 9% to ₹1,553 crore, of which domestic sales was ₹948 crore and exports accounted for the rest. Exports grew by 15% from the year-earlier period.
Mr. Krishnan, who was elevated as Chairman on April 1, announced the strengthening of MMF board with the induction of four independent directors and two whole-time directors to handle strategic growth and operational excellence.
Shares of the company declined ₹20.80, or 1.73%, to close at ₹1,182.85 on the BSE on Monday.
