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Promoter group entities comprising of 60.03% equity shares of the company out of total 72.27% held by promoter group informed their decision to waive off the dividend rights announced for FY23. This decision was made to support the ongoing expansion plans of the company. The board of directors acknowledged this at the meeting held on 29 August 2023. The remaining shareholders will receive the dividend, pending approval at the annual general meeting (AGM).
In a meeting on 24 May 2023, the board recommended a final dividend of Rs 0.40 per equity share of Rs 2 each, at a rate of 20%, subject to shareholders' approval at the AGM.
Additionally, during the meeting held on 29 August 2023, the board recommended providing loan, guarantee, or security in connection with loans taken by the company's subsidiaries. The annual general meeting of the company is scheduled to be held on 25 September 2023.
BigBloc Construction, in joint venture with Thailand's SCG Group, is in the process of setting up a plant in Kapadvanj, Ahmedabad (Gujarat) for ALC panels and AAC blocks, with a capacity of 3 lakh cbm per annum. The company also plans to initiate work on Phase 2 of the Wada Project in Palghar, Maharashtra, in the current financial year. Moreover, company has installed solar rooftop projects at its Umargam unit and plans to do the same at the Kapadvanj manufacturing facilities to minimize carbon footprints.
The company's chairman, Narayan Saboo, said that the company is progressing well in achieving a leadership position in the AAC block space and aims for a sales growth of 20-25% in FY24.
BigBloc Construction is a prominent company in the AAC Block Space with an installed capacity of 8.25 lakh cbm per annum. Their AAC blocks are known for their superior quality and offer a unique combination of strength, lightweight, thermal insulation, soundproofing, and fire resistance. The company's products are marketed under the brand name 'NXTBLOC' and are used by renowned clients such as Lodha, Adani Realty, IndiaBulls Real Estate, Prestige, and many more.
On a consolidated basis, net profit of BigBloc Construction declined 28.59% to Rs 6.02 crore on 1.21% fall in net sales to Rs 54.87 crore in Q1 June 2023 over Q1 June 2022.
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