5 High Dividend Stocks Up More Than 80% in 2024

There are two ways to make money in stocks. There's the popular way - capital gains (i.e. growth) and there's the not so popular way - dividends (i.e. income).

What about both?

Which stocks have fared well on both metrics in 2024?

Let's look at five top performers...

#1 Cochin Shipyard

First on this list is Cochin Shipyard.

In 2024 so far, shares of the defence shipbuilder are up 82%.

That apart, the company has paid out a dividend of 70%, or Rs 3.5 per share in January 2024.

Cochin Shipyard has a dividend payout history spanning 15 years.

Since 2018, the company's dividend yield has averaged a minimum 2% or more.

In FY23, the company paid out Rs 17 per share as dividends. So far for FY24, it has churned out two interim dividends of Rs 4 and Rs 3.5 per share.

Note that Cochin Shipyard is executing several plans that will grow its revenue in the medium term. It's building a new dry dock and a 600-ton gantry crane for handling vessels to expand its shipbuilding and repair capabilities.

It is expanding the International Ship Repair Facility (ISRF) at Cochin by adding a ship lifting facility to undertake more complex ship repair orders and improve its ship repairing revenue.

The company is also setting up a modernised shipbuilding facility in West Bengal to build ships and vessels.

Its CRUISE 2030 plan aims to focus on defence sector, coastal, and small vessel segments by tapping emerging technologies and building autonomous vessels, hybrid or battery-operated vessels, and vessels that run on alternate fuels.

As a part of this plan, it recently acquired Temba Shipyards, which specialises in deep-sea fishing vessels.

With India aiming to become Atmanirbhar Bharat, the government promoting indigenisation, and growing export orders, the Indian shipbuilding industry is likely to be the primary beneficiary, and Cochin Shipyard stands to benefit from it.

#2 Oracle Financial Services (OFSS)

Next on this list is Oracle Financial Services Software (OFSS).

In 2024 so far, shares of the company have surged 80%.

On top of that, the company has rewarded investors with two massive dividends of Rs 225 per share and Rs 240 per share.

IT companies usually declare big dividends or reward shareholders by way of buybacks.

In case of OFSS, the company has increased its dividend payout consistently throughout the years.

OFSS Dividend Payout History

Year End/Source Date	Dividend %	Dividend Yield %	Dividend per Share (Rs)
26-Apr-23	4,500	4.4	225
31-Mar-23	4,500	6.9	225
31-Mar-22	3,800	5.3	190
31-Mar-21	4,000	6.3	200
31-Mar-20	3,600	8.9	180
31-Mar-18	2,600	3.5	130
31-Mar-17	3,400	4.5	170
31-Mar-16	2,000	2.8	100
31-Mar-15	13,300	20.4	665

Data Source: Ace Equity

Starting 2024, OFSS share price woke up from a long underperformance and almost doubled from Rs 4,300 at the start of 2024.

Initially, the stock price moved up after the IT company posted strong set of numbers in its December 2023 quarterly earnings.

OFSS reported a 69.4% year-on-year (YoY) jump in net profit at Rs 7.4 billion (bn) for the third quarter that ended 31 December 2023.

Revenue from operations spiked 26% to Rs 18.2 bn as against Rs 14.5 bn reported in the corresponding period last year.

The company's MD and CEO Makarand Padalkar said that license fee signings aided the margins during the quarter.

• "Our license fee signings were US$ 49.5 million across our product lines for both Cloud/SaaS and on-premises deployment modes. For the nine months ended December 2023, our license signings were US$ 117.4 million, 76% higher than the corresponding period last fiscal."

During the quarter, the company's operating margin came in at 46.1% while net profit margins came at 40.6%.

OFSS signed a landmark cloud deal with Navy Federal Credit Union, USA, during the quarter.

The company's management also highlighted that they continue to see a robust deal pipeline across all the regions.

With the adoption of artificial intelligence (AI) in every industry, the future of Oracle Financial looks promising.

In recent years, OFSS has made significant investments in rapidly moving its solutions to cloud and launched solutions for Liquidity Management, Virtual Account Management, and Supply Chain Finance as cloud services, much ahead of its peers.

The adoption of AI in financial services and fintech companies is expected to grow at a CAGR of 23.37% in the next two years, which is a huge prospect for Oracle Financial as a leader in the AI space.

#3 Cupid

Next on this list is Cupid.

In 2024 so far, shares of the company have rallied 77%.

Since 2015, the company has been making regular dividend payments to its shareholders.

In FY23, the company paid out Rs 5 per share as dividend which yielded 2%. For FY24, the company is yet to announce a dividend but chances are, the company may soon declare a final dividend for the year.

Cupid's product portfolio expands to pregnancy test kits, COVID-19 antigen test kits, etc.

It exports 68% of its products to 105 countries. The company generates 90% of its revenue from international markets.

Even with a global focus, the company remains a major player in India, with a solid 32% domestic market share.

The company is gearing up for a massive production boost. With a strategic land acquisition, it is planning to increase male condom production to 1.25 bn units and female condom production to 125 million units in the next two years.

The company is setting its sights on strategic expansions beyond India. It also plans to use funds for acquisitions to diversify into In Vitro Diagnostics space.

Domestically, the company is planning to grow its retail distribution with product bundling.

#4 Kalyani Steels

Next on the list is Kalyani Steels.

In 2024 so far, shares of the company have rallied 76%. At the current price, it commands a dividend yield of 1.2%.

The company has consistently paid dividends since 2010.

Kalyani Steels Dividend History

In FY23, it declared the highest ever dividend in its history.

Chances are, it might declare a similar big payout this year as well owing to its strong performance.

The company, a part of Kalyani group, is primarily engaged in the business of manufacture and sale of iron and steel products.

The product portfolio of the company consists of camshafts, connecting rods, gears, transmission shafts, axle beams, steering knuckles, etc for automotive Industry, round casts for seamless tube industry, rolled bars for engineering applications.

With a strong focus on financial prudence, it has amassed substantial cash reserves, which are instrumental in mitigating risks and enhancing overall financial stability.

The company benefits from established selling arrangements with approved vendor status from major original equipment manufacturers (OEMs) and arrangement with suppliers for procurement of raw material albeit absence of long-term contracts. This helps garner repeat orders.

#5 Motilal Oswal

Last on this list is Motilal Oswal.

In 2024 so far, shares of the company have rallied 74%.

On top of that, the company paid out a dividend of Rs 14 per share as interim dividend in January 2024.

In FY23, it paid Rs 10 as dividend for the entire year. This year's interim dividend has already surpassed this amount and chances are, the company could even declare a final dividend soon.

Shares of Motilal have seen a steep rise owing to overall positive sentiment in industry it operates in and due to the brokerage firm reporting superb numbers in its Q4 earnings.

Motilal Oswal Financial Services reported a net profit of Rs 7.2 bn for the quarter ending March 2024, marking a 334% year-on-year increase.

The company's revenue from operations soared by 108% to Rs 21.4 bn.

For the full year FY24, the company posted a consolidated net profit of 24.5 bn, reflecting a 161% growth over the previous fiscal year.

The company's board also approved the issuance of three bonus shares for every one share.

During the quarter, it added 3.7 crore new demat accounts to reach overall 15 crore mark. Motilal Oswal has strategic plans in place for the long runway to sustain a 20% growth over the medium term.

Here's what the company is expecting for FY25...

To know more, check out Motilal's financial factsheet.

Snapshot of Dividend Growth Stocks on Equitymaster Stock Screener

Apart from the above, here's a list of other dividend growth stocks.

Please note that these parameters can be changed according to your selection criteria.

This will help you identify and eliminate stocks not meeting your requirements and emphasise those stocks well inside the metrics.

For easy reference, we've created a separate section for dividends on Equitymaster' Indian stock screener.

Here is the list of dividend screens that'll help you right away in filtering the best dividend stocks...

• Best Largecap Dividend Growth Stocks in India
• Best Midcap Dividend Growth Stocks in India
• Best Indian Penny Stocks with Dividend Growth
• Best Smallcap Dividend Growth Stocks in India
• Best Indian Penny Stocks with Dividend Growth
• High Dividend Yield Penny Stocks in India

Apart from that, we are shifting into an era of growth companies... so the next time you look at a potential investment based on the dividend hypothesis, dig one level deeper. It might give you a different perspective that you had missed.

Happy Investing!

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...