As the Q1 FY24 earnings season is going on, the time for companies to shower dividends is here. Here’s a list of 3 companies that are going ex-dividend next week.

RITES Limited

RITES Ltd (NS:) offers transport infrastructure consultancy, engineering and project management services and has a market capitalization of INR 11,037 crore and trades at a TTM P/E ratio of 21.53. It is one of the best dividend stocks where the railway theme is concerned, currently trading at a lucrative yield of 4.46%.

FIIs are not looking to let this opportunity pass by and consequently, they have aggressively increased their stake from 1.48% in June 2022 to 3.45% in June 2023., with every single quarter witnessing an uptick. The company has announced the next payout of INR 3.75 per share, the ex-dividend date of which is 7 August 2023.

Power Grid Corporation of India Limited

Power Grid Corporation of India Ltd (NS:) is a government-owned power transmission company with a market capitalization of INR 1,73,479 crore. The company disappointed investors with its Q1 FY24 earnings, with a stagnant YoY revenue of INR 11,257.6 crore but it rarely disappoints when dividends are concerned.

The management has announced a dividend of INR 4.75 per share, the ex-dividend date of which is 8 August 2023. The stock is trading at a yield of 5.93%, which is the third-best among all constituents. Since FY15, the company has increased its DPS (dividend per share) every single year, except for FY23 when it remained the same as in FY22.

Castrol India Limited

Castrol India Ltd (NS:) is a well-known lubricating oil manufacturer with a market capitalization of INR 13,966 crore. On the valuation front, the stock seems undervalued with a TTM P/E ratio of 17.28, despite a 30.2% rally in the last 12 months. The company reported a 7.7% YoY jump in Q1 FY24 revenue to INR 1,352.31 crore and a 9.2% YoY jump in net income to INR 225.27 crore.

It announced a dividend of INR 3 per share and the ex-dividend date of it is 8 August 2023. This stock trades at a good dividend yield of 4.6% and has maintained a very high payout ratio of 0.83 (average over the last 3 years).

Check Out: Dividend Calendar