VMPL

Ahmedabad (Gujarat) [India], January 8: Jindal Worldwide Ltd., a leading name in the textile industry renowned for weaving quality and trust for over three decades, has announced a landmark decision to reward its shareholders. The Board of Directors, at their meeting held today, approved the issuance of bonus equity shares in the ratio of 4:1, marking a significant milestone in the company's journey of innovation and excellence.

Also Read | South Korea To Invest USD 59.3 Million for Development of Technologies To Tackle Climate Change in 2025.

As per the approved plan, shareholders will receive 4 (four) fully paid-up equity shares of Rs1/- each for every 1 (one) existing fully paid-up equity share of Rs1/- each held as on the record date, which will be announced soon. The bonus shares will be issued by capitalizing the company's free reserves and/or securities premium account.

This move underscores Jindal Worldwide Ltd.'s unwavering commitment to creating value for its stakeholders, reflecting the company's robust financial health and confidence in its future growth.

Also Read | Ola Electric Mobility Limited Receives Administrative Warning From SEBI for Violating Disclosure Norms.

The bonus share issue announced by Jindal Worldwide Ltd. will be in the ratio of 4:1, meaning shareholders will receive 4 new fully paid-up equity shares for every 1 existing share held. Each share will have a face value of Rs1/-, and the primary purpose of this initiative is to reward shareholders while enhancing market liquidity.

Speaking on the occasion, a spokesperson from Jindal Worldwide Ltd. said, "This bonus issue is our way of thanking our shareholders for their continued trust and support. Over the past 30 years, we have grown from strength to strength, embracing innovation and excellence. This step reinforces our vision to create long-term value for all stakeholders."

Jindal Worldwide Ltd. has consistently stayed ahead of industry trends with its state-of-the-art technology, cutting-edge research facilities, and a commitment to delivering superior-quality fabrics to both domestic and international markets.

Financial Highlights:

Revenue for Q2 FY24 stood at Rs567.59 crores, an increase from Rs520.43 crores in Q1 FY24, contributing to a total revenue of Rs1,859.36 crores for FY23-24.

Net Profit remained stable at Rs17.47 crores for Q2 FY24 compared to Rs17.43 crores in Q1 FY24, totaling Rs70.03 crores for FY23-24.

Earnings Per Share (EPS) for FY23-24 stood at Rs3.49, while the Cash EPS was Rs4.53, reflecting the company's operational efficiency.

Operating Profit Margin (OPM) and Net Profit Margin (NPM) stood at 8.00% and 3.77%, respectively, for FY23-24, showcasing Jindal Worldwide Ltd.'s ability to maintain profitability while expanding its revenue base.

The Board also approved an increase in the company's Authorized Share Capital to facilitate this bonus issue, along with other agenda items.

With this development, Jindal Worldwide Ltd. not only strengthens its market position but also reaffirms its dedication to fostering shareholder wealth and trust, which have been the cornerstone of its remarkable journey.

For more details on the bonus issue and upcoming announcements, please stay tuned to the company's official communications.

About Jindal Worldwide Ltd.

For over three decades, Jindal Worldwide Ltd. has been synonymous with quality, innovation, and trust. Serving both Indian and global markets, the company prides itself on producing superior fabrics using advanced technology, modern research labs, and an updated design house. Jindal Worldwide Ltd. continues to lead with a passion for excellence, redefining trends in the textile industry.

(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)