As
many as 92 listed companies can potentially return cash worth nearly
Rs 34,000 crore to their shareholders in the form of dividend, proxy
advisory firm IiAS said. In a report released today, IiAS said that
despite a muted earnings growth in financial year 2016-17, Indian
companies can pay higher dividends from their existing large cash
piles. Based on an analysis of the financial of S&P BSE 500
firms, the report said 92 companies paid Rs 407 billion (Rs 40,700
crore) as aggregate dividend in 2016-17 and can additionally pay Rs
339 billion (Rs 33,900 crore). These companies held aggregate cash
and cash equivalents of Rs 1.85 lakh crore as on March 31, 2017. The
findings also come at a time when there are demands in certain
quarters that companies should reward investors by way of higher
dividends and buybacks. Of these 92 companies, the top four firms
aggregate over 50 per cent of the total incremental dividend amount.
Interestingly, all the four are from information technology space.
Besides, IiAS (Institutional Investor Advisory Services India) said
that five companies -- MRF, 3M India, ISGEC Heavy Engineering,
Honeywell Automation Indiaand Bosch -- can pay dividends of over Rs
100 per share. Further, another seven firms can pay between Rs 50 and
Rs 100 per share as dividends. According to the report, dividend
payout of these 92 firms is healthy yet these companies have
"accumulated cash over the years which is depressing their
return on capital employed". The report also raised question of
"how much cash conservation is appropriate. While boards must
decide on capital allocation and liquidity management, shareholders
also have the right to demand more efficient use of capital".
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