Healthcare service provider Aster DM Healthcare shares hit a 52-week high on Monday after the company announced its board will meet on April 12, 2024, to consider an "interim dividend" and "special dividend" for the financial year 2023-24.
"A meeting of the Board of Directors of Aster DM Healthcare Limited (“Company”) is scheduled to be held on Friday, April 12, 2024, inter alia to: 1. consider declaration of interim dividend for the financial year 2023-24. 2. consider the declaration of special dividend on account of the segregation of the GCC business through the sale by Affinity Holdings Pvt Ltd, a wholly-owned material subsidiary of the company of entities conducting business in the GCC region to Alpha GCC Holdings," Aster DM Healthcare says in an exchange filing.
The record date for entitlement of the interim dividend and special dividend is April 23, 2024. "Consequently, the interim dividend for Financial Year 2023-24 and the special dividend, if declared, shall be paid to the equity shareholders of the company whose names appear in the Register of Members of the company or in the records of the depositories as beneficial owners of the shares as on Tuesday, April 23, 2024," says Aster.
Shares of the Aster DM, meanwhile, opened at ₹484 on the BSE, down from ₹486.05 in the previous session close. During the intra-day trade, the scrip surged 8.7% to hit a 52-week high of ₹499.90, taking its m-cap to ₹24,151.46 crore. The shares of Aster DM have almost doubled in the past year. The stock has surged 18.01% in the past week; 12.11% in the past month; 50.54% in the past six months; 19.71% in the calendar year; and 93.44% in the past year.
Last month, Aster DM Healthcare had announced the separation of its India and GCC (Gulf Cooperation Council) businesses. It said the proposed investment in its GCC business by a consortium of investors led by Fajr Capital, a sovereign-owned private equity firm headquartered in the UAE is nearing completion. In November 2023, the hospital and pharmacy chain operator received corporate approvals to split its India and GCC businesses into two distinct and standalone entities to unlock value for the shareholders of the company. Under the separation plan, a Fajr Capital-led consortium has proposed the acquisition of a 65% stake in the company’s GCC business, which was approved by the company’s shareholders in January 2024.
During the quarter ending December 31, 2023, Aster DM's net profit was recorded at ₹213 crore, a growth of 53% on a year-on-year basis vs ₹139 crore in Q3 FY23. The company's revenue grew 16% YoY to ₹3,711 crore vs ₹3,192 crore in the corresponding period last year. The operating EBITDA surged 28% YoY to ₹583 crore vs ₹456 crore in the year-ago period.
Aster DM Healthcare has a network of 34 hospitals, 130 clinics, 508 pharmacies, including 223 pharmacies in India operated by Alfaone Retail Pharmacies and 224 labs and patient experience centres in seven countries, including India. Its dedicated staff includes 34,239 employees, including 4,314 doctors and 9,883 nurses across the geographies.
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