UFM Industries results and financials

BSE: 531610Food Products

UFM Industries Ltd · Face value ₹10 · Listed Apr 1996

Latest announcements

Routine notices left out.

Q1 results, quarter to Jun 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

Revenue
₹25 Cr−20.7% on a year ago · −8.3% on the quarter before
Operating profit
₹0.63 Cr−17.2% on a year ago · +81.9% on the quarter before
Net profit
₹0.17 Cr−39.9% on a year ago · +54.2% on the quarter before
Earnings per share
₹0.28−40.4% on a year ago · +7.7% on the quarter before
Operating margin
2.5%
Net margin
0.7%

From revenue to net profit, ₹ crore

  1. Revenue25
  2. Materials and goods−22
  3. Employee costs−0.5
  4. Other expenses−1.6
  5. Operating profit0.6
  6. Depreciation−0.1
  7. Other income0.0
  8. Finance costs−0.3
  9. Profit before tax0.2
  10. Tax−0.1
  11. Net profit0.2

UFM Industries results by quarter

Standalone: the listed company alone, without its subsidiaries. Latest quarter to Jun 2026. Results for the quarter to Sep 2026 are due by 14 Nov 2026, 45 days after it ends. Every company's dates are on the results calendar.

Revenue and net profit by quarter, ₹ crore

  • Revenue
  • Net profit
  • Loss
260.6Sep 23210.2Dec 23170.1Mar 24330.4Jun 24350.0Sep 24440.2Dec 24320.7Mar 25320.3Jun 25360.7Sep 25360.2Dec 25270.1Mar 26250.2Jun 26
Peak revenue ₹44 Cr, quarter to Dec 2024; lowest ₹17 Cr, quarter to Mar 2024A loss in 1 of the 12 quarters shown

Operating and net margin by quarter, per cent

  • Operating margin
  • Net margin
3.0%−0.1%2.1%2.3%2.3%2.4%1.0%1.5%3.0%2.4%1.3%2.2%1.3%2.5%2.4%0.9%0.5%1.2%−0.1%0.4%2.1%0.9%1.9%0.5%0.4%0.7%Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Jun 26
₹ croreSep 2021Dec 2021Q3Mar 2022Jun 2022worked outSep 2022Dec 2022Q3Mar 2023Jun 2023Q1Sep 2023Dec 2023Q3Mar 2024Jun 2024Q1Sep 2024Dec 2024Q3Mar 2025Q4Jun 2025Q1Sep 2025Q2Dec 2025Q3Mar 2026Q4Jun 2026Q1Filed 13 Aug
Revenue from operations21.824.523.027.128.333.137.431.126.221.017.333.434.944.032.131.535.635.927.325.0
20.923.623.626.627.732.637.130.725.720.516.932.634.643.431.130.835.135.126.924.4
Materials and goods bought18.821.221.224.325.430.234.428.423.517.714.329.531.840.528.728.532.532.624.822.3
Employee costs0.50.60.50.50.70.50.60.50.50.70.60.50.60.60.50.50.70.60.50.5
Other expenses1.61.71.81.81.71.92.11.81.62.12.02.52.22.31.81.81.92.01.61.6
Operating profit before depreciation0.90.8−0.60.40.60.50.20.40.60.50.40.80.40.71.00.80.50.80.30.6
Operating margin4.4%3.5%−2.6%1.7%2.0%1.6%0.7%1.4%2.1%2.3%2.3%2.4%1.0%1.5%3.0%2.4%1.3%2.2%1.3%2.5%
Depreciation and amortisation0.10.10.10.10.10.10.10.10.10.10.10.20.10.20.20.20.10.20.10.1
Other income0.10.40.10.00.40.10.10.10.60.10.10.10.40.10.30.10.70.10.10.0
Finance costs0.10.10.20.20.10.20.20.20.30.20.30.30.40.40.40.30.30.30.30.3
One-off items0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Profit before tax0.91.0−0.70.30.70.30.00.20.80.30.10.40.20.20.70.40.70.50.10.2
0.20.3−0.20.10.2−0.30.00.10.20.10.00.00.20.00.10.10.00.30.00.1
Tax rate25.1%25.1%–24.7%25.0%−91.3%22,400.0%28.9%24.3%38.2%0.0%2.8%113.7%22.4%7.8%25.2%4.8%63.2%−65.6%29.4%
Net profit0.70.8−0.50.20.50.60.00.20.60.20.10.40.00.20.70.30.70.20.10.2
Other comprehensive income0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Total comprehensive income0.70.8−0.50.20.50.60.00.20.60.20.10.40.00.20.70.30.70.20.20.2
Net margin3.0%3.2%−2.1%0.7%1.9%1.9%0.0%0.6%2.4%0.9%0.5%1.2%−0.1%0.4%2.1%0.9%1.9%0.5%0.4%0.7%
Earnings per share₹1.12₹1.32−₹0.82₹0.34₹0.92₹1.07−₹0.02₹0.34₹1.04₹0.31₹0.13₹0.66−₹0.04₹0.29₹1.14₹0.47₹1.12₹0.03₹0.26₹0.28
Earnings per share in rupees, restated for later splits and bonuses.

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
Mar 17680.7Mar 18821.15.6Mar 19780.63.9Mar 20841.21.7Mar 21871.16.6Mar 221261.411Mar 23961.110Mar 241441.212Mar 251301.210Mar 26
Peak revenue ₹144 Cr, year to Mar 2025; lowest ₹68 Cr, year to Mar 2018

Operating and net margin, per cent

  • Operating margin
  • Net margin
2.2%0.7%1.9%1.8%2.2%1.6%1.7%1.4%2.0%1.9%1.8%1.0%1.3%0.7%1.4%1.3%1.1%1.1%0.8%0.9%Mar 17Mar 19Mar 21Mar 23Mar 25Mar 26

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

  1. Revenue130
  2. Materials and goods−118
  3. Employee costs−2.3
  4. Other expenses−7.2
  5. Operating profit2.4
  6. Depreciation−0.6
  7. Other income+1.0
  8. One-off items0.0
  9. Finance costs−1.2
  10. Profit before tax1.6
  11. Tax−0.4
  12. Net profit1.2

What the company owns

  • Plant, investments and other assets₹21 Cr
  • Inventory₹9 Cr
  • Receivables₹4 Cr
  • Cash and bank₹2 Cr

What pays for it: net worth and liabilities

  • Net worth₹24 Cr
  • Borrowings₹10 Cr
  • Other liabilities₹2 Cr
  • Owed to suppliers₹0 Cr

Profit and loss

Standalone, ₹ crore, years to March. No results on record for the year to Mar 2017. The last column is the twelve months to Jun 2026, the latest four quarters added.

₹ croreMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026Twelve monthsFiled 13 Aug
Revenue from operations688278848712696144130124
678077838612494142128122
Materials and goods bought607370757711484131118112
Employee costs–222222222
Other expenses–556688977
Operating profit before depreciation1121122322
Operating margin1.9%1.8%2.2%1.6%1.7%1.4%2.0%1.9%1.8%1.8%
Materials, % of revenue–89.6%89.1%89.3%88.6%90.9%87.8%90.4%90.8%90.6%
Employee costs, % of revenue–2.0%2.2%2.2%2.3%1.8%2.4%1.6%1.8%1.9%
Other expenses, % of revenue–6.6%6.5%6.9%7.3%6.0%7.9%6.1%5.6%5.7%
Depreciation and amortisation0000000111
Operating profit after depreciation1111121222
Other income0101101111
Finance costs1110111111
Profit before one-off items and tax1112111221
One-off items0000000000
Profit before tax1112111221
0000000000
Net profit1111111111
Other comprehensive income–000000000
Total comprehensive income–111111111
Net margin1.0%1.3%0.7%1.4%1.3%1.1%1.1%0.8%0.9%0.9%
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
16.717.318.419.520.821.923.124.4
Share capital5.95.95.95.95.95.95.95.9
Reserves10.811.312.513.614.915.917.218.4
5.63.91.76.611.210.112.210.0
5.95.22.97.79.07.815.28.8
1.01.01.72.13.94.23.63.2
Total assets23.623.523.029.333.733.941.936.3
12.011.911.012.015.418.218.418.7
11.711.612.017.318.315.723.517.7
Net debt5.13.41.26.210.99.711.77.6
Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ croreMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1.530.781.993.202.135.11
1.531.042.263.362.335.34
–−0.55−1.861.49−0.472.95
Receivables–−1.620.520.45−1.750.64
Inventories–−1.93−2.682.19−6.257.06
Payables–0.58−1.16−0.054.57−4.52
Other working capital–2.421.46−1.092.96−0.23
Tax paid–−0.26−0.26−0.16−0.20−0.15
Capital spending–0.250.062.530.440.00
Free cash flow1.530.541.930.661.695.11
–−0.68−3.33−2.090.100.16
–−0.161.45−1.06−2.18−3.36
Dividends paid–0.000.000.000.000.00
Shares bought back–0.000.000.000.000.00
Shares issued–0.000.000.000.000.00
Net change in cash1.53−0.060.120.050.051.91
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020.

Per share

Standalone, ₹ per share, years to March.

₹ per shareMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Earnings per share₹1.20₹1.79₹0.98₹1.96₹1.88₹2.31₹1.77₹2.03₹2.15
Diluted earnings per share₹1.20₹1.79₹0.98₹1.96₹1.88₹2.31₹1.77₹2.03₹2.15
Book value per share–₹28.13₹29.11₹31.07₹32.95₹35.06₹36.84₹38.91₹41.06

Ratios

Standalone, years to March.

RatioMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue growth–19.8%−4.0%7.6%3.7%44.0%−24.0%51.0%−9.8%
Operating profit growth–14.9%16.1%−23.5%14.5%20.5%3.5%49.4%−14.9%
Net profit growth–49.1%−45.1%99.5%−4.2%23.1%−23.3%14.5%2.3%
Earnings per share growth–49.2%−45.3%100.0%−4.1%23.0%−23.4%14.7%5.9%
–6.4%3.4%6.5%5.9%6.8%4.9%5.4%5.2%
––−2.9 pts3.1 pts−0.6 pts0.9 pts−1.9 pts0.4 pts−0.2 pts
From the net margin––−2.7 pts2.9 pts−0.5 pts−0.9 pts0.1 pts−1.2 pts0.7 pts
From asset turnover––−0.1 pts0.6 pts−0.5 pts1.0 pts−2.0 pts1.3 pts−0.8 pts
From borrowing––−0.1 pts−0.4 pts0.3 pts0.8 pts0.1 pts0.3 pts−0.1 pts
Return on capital employed–5.4%6.9%5.4%4.8%4.9%4.6%6.2%5.1%
Cash conversion–––131.5%70.4%145.2%303.9%176.6%414.7%
Interest cover1.81.82.42.62.42.11.61.51.5
Debt to equity–0.340.230.090.340.540.460.530.41
Receivable days–1715101610111211
Inventory days–2430384640444629
Payable days–163600130
Cash conversion cycle, days–3939455649564540
Working capital days–4846456249564542
Asset turnover–3.453.323.623.343.992.833.813.33
Assets per rupee of net worth–1.421.391.301.381.561.581.691.65
Sales per rupee of plant–39.4242.3733.4834.6153.1813.0419.1618.84
Capital spending to depreciation––––0.990.276.440.720.00
Plant being built, % of plant in use–33.8%46.7%0.0%18.6%170.6%3.4%0.0%4.8%
No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year
3.2%
Cash from operations against operating profit
215.4%
Measure10 years5 years3 years
Revenue growth, yearly rate–9.1%1.2%
Profit growth, yearly rate–1.2%−3.5%
Return on equity, average–5.6%5.2%
Return on capital employed, average–5.1%5.3%
Operating margin, average1.8%1.8%1.9%
Net margin, average1.1%1.0%1.0%
Asset turnover, average–3.463.32
Cash conversion cycle, days, average–4947
Interest cover, average2.01.81.5
Debt to equity, average–0.460.47

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore5 years3 yearsLatest year
Cash from operations13.210.45.1
Cash from investing−5.8−1.80.2
Cash from financing−5.3−6.6−3.4
Capital spending3.33.00.0
Dividends paid0.00.00.0
Shares bought back0.00.00.0
Shares issued for cash0.00.00.0
Borrowings raised––0.0
Borrowings repaid2.22.22.2

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9–––755676
Beneish M-scorePublished threshold −1.78–––−2.78−2.22−1.77−3.12−2.12−2.88
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets––––3.868.58−0.18−2.70−10.32
Cash from operations to profit, 3 yearsPublished threshold 0.7 times–––––1.181.692.022.99
Receivables growth less revenue growthOur threshold 0 percentage points––−7.94−37.4067.22−57.2610.758.72−3.95
Inventory growth less cost-of-goods growthOur threshold 0 percentage points––26.7126.0921.79−19.918.905.68−33.58
Other current assets growth less revenue growthOur threshold 5 per cent of revenue––−0.89−0.632.05−0.88−0.04−0.13−0.03
Assets under construction, years of additionsOur threshold 2 years of additions––52.340.001.8252.720.050.00–
Effective tax ratePublished threshold 17.16 per cent10.6528.1425.7823.9820.86−3.3326.6121.3023.86
Tax charged less tax paid, % of profitOur threshold 10 percentage points––––2.71−23.2315.278.2414.62
A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
24 Sep 2026CARE Ratings LimitedFund-based - LT-Cash CreditLong-term scaleCARE B+; ISSUER NOT COOPERATING*Review, DowngradeStable7
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.

Business segments

In the year to Mar 2026 the company reports one business segment, flour mill, which carries all its revenue.

Who owns UFM Industries, filing by filing

Per cent of the company's shares. The last ten years of filings, from Dec 2016; the latest is the filing for Sep 2026.

Sep 2026 filing

  • Promoters63.14%
  • Individuals and others36.86%

Shareholding pattern, per cent, from Jun 2022

  • Promoters
  • Individuals and others
63.14%36.86%63.14%36.86%Jun 22Mar 23Dec 23Sep 24Jun 25Mar 26Sep 26
Per centDec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%
Indian promoters63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%63.14%
36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%36.86%
Shares in issue59,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,60059,32,600
Shares locked in––––––––––––––––––––––––––––7,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,800
Promoters' shares locked in––––––––––––––––––––––––––––7,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,8007,00,800
Filings before Jun 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. A dash is a line the filing did not state.

Number of UFM Industries shareholders

Shareholders on the company's register in each filing.

Shareholders, filing by filing

1,570Dec 161,570Mar 171,570Jun 171,570Sep 171,570Dec 171,570Mar 181,570Jun 181,570Sep 181,570Dec 181,570Mar 191,570Jun 191,570Sep 191,570Dec 191,570Mar 201,570Jun 201,570Sep 201,570Dec 201,570Mar 211,570Jun 211,570Sep 211,570Dec 211,570Mar 221,570Jun 221,568Sep 221,567Dec 221,565Mar 231,564Jun 231,556Sep 231,556Dec 231,556Mar 241,554Jun 241,554Sep 241,554Dec 241,554Mar 251,554Jun 251,554Sep 251,553Dec 251,548Mar 261,548Jun 261,548Sep 26
ShareholdersDec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
All shareholders1,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5701,5681,5671,5651,5641,5561,5561,5561,5541,5541,5541,5541,5541,5541,5531,5481,5481,548
22222222222222222222222222222222222222222222222019171717171717171717171717171717
Indian promoters22222222222222222222222222222222222222222222222019171717171717171717171717171717
1,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5481,5471,5391,5391,5391,5371,5371,5371,5371,5371,5371,5361,5311,5311,531
Filings before Jun 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. A dash is a line the filing did not state.

UFM Industries promoters

Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Sep 2026; the largest is SHEETAL FARMS LTD., 11.81%.

Holder
SHEETAL FARMS LTD.Indian companies, trusts and others11.81%7,00,8000100.00%
MAHABIR PRASAD JAINIndividuals and Hindu undivided families9.29%5,51,0465,51,0460.00%
RADIO SUPPLY STORES (CINEMA) PRIVATE LIMIndian companies, trusts and others6.74%3,99,9003,99,9000.00%
NAMOKAR MARKETING LIMITEDIndian companies, trusts and others6.04%3,58,2003,58,2000.00%
HARAKCHAND INVESTMENTS LIMITEDIndian companies, trusts and others5.79%3,43,5803,43,5800.00%
TARA RANI JAINIndividuals and Hindu undivided families5.63%3,34,1083,34,1080.00%
SUKMAL JAINIndividuals and Hindu undivided families5.31%3,15,0153,15,0150.00%
VISHAL JAINIndividuals and Hindu undivided families3.53%2,09,2602,09,2600.00%
DHARMENDRA JAINIndividuals and Hindu undivided families3.27%1,94,1911,94,1910.00%
HERALD COMMERCE LIMITEDIndian companies, trusts and others1.54%91,10091,1000.00%
YOGESH JAINIndividuals and Hindu undivided families1.39%82,40082,4000.00%
HULAS CHAND JAINIndividuals and Hindu undivided families1.18%70,00070,0000.00%
No promoter shares are reported as pledged. In demat is the part of the holding kept electronically; the rest is paper certificates. Locked in is the share of the holder's own shares that cannot be sold yet, as after a listing or an allotment.

Largest public holders of UFM Industries, filing by filing

Per cent, on the same shares as the split above.

HolderMar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
KDOT PHAWAResident individuals, over ₹2 lakh at face value––––––––––––––––2.85%2.85%2.85%
MAHABIR PRASAD JAIN (KARTA OF HUF)Resident individuals, over ₹2 lakh at face value4.12%4.12%4.12%––––––––––––––––
A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. A dash is a filing that did not name the holder, which includes holding under one per cent.

Company details

BSE code
531610
ISIN
INE832E01010
Industry
Food Products
CIN
L15311AS1986PLC002539
Corporate identity number, the registrar of companies' code for it
Incorporated
1986
Registered office
Meherpur, Silchar, 788015, Assam
Share registrar
Niche Technologies Pvt. Ltd
Keeps the register of shareholders and handles transfers and dividend payments