Vedanta declares first interim dividend for FY24; check details

”The Board of Directors of the Company through a resolution passed by circulation on Monday, May 22, 2023 has approved First Interim Dividend 18.50 per equity share i.e. 1850 per cent on the face value of Re. An amount of 1c per share for the financial year 2023-24. 6,877 crore,” said the mining major in a regulatory filing to the stock exchanges on May 22.

Read also: Vedanta Q4 results: 56% drop in net profit 2,634 crore, dividend declared

The company said in its statement, the interim dividend will be paid within the time limit prescribed under the law. The record date for payment of dividend to equity shareholders has been fixed as May 30, 2023.

Vedanta had informed the stock exchanges on May 17 that a meeting of the Board of Directors of the company is proposed on Monday, May 22, 2023, to consider and approve the first interim dividend on equity shares. Financial year 2023-24.

Vedanta had declared five interim dividends in the financial year 2022-23. for the fifth interim dividend of 20.50 per share, the company’s dividend record date 2023 was fixed on April 7, 2023. Earlier, Vedanta traded ex-dividend on four occasions in FY23. It traded ex-dividend for payment on 6 May 2022 31.50 per share as interim dividend to its shareholders.

Vedanta share price at the beginning of FY23 was around 400 per share. dividend yield in about 25 percent in the last year, Overall, the total dividend declared by the company 101.50 per share in FY23.

Earlier this month, Vedanta reported a 56.3 per cent year-on-year decline in net profit 2,634 cr for Q4FY23 as compared to Rs. 6,027 crore in the same period last year. Revenue fell 5.4 percent 37,225 crore to Rs. 39,342 crore in the year-ago period.

on the day of its announcement January-March quarter resultsCompany’s board approves 4th and 5th interim dividend 12.50 and 20.50 per equity share, which is 1,250 per cent and 2,050 per cent respectively on the face value of Re 1 per equity share for FY23.

In terms of segmental performance in Q4FY23, lead, zinc and silver revenue fell by four per cent 8,254 crores. Aluminum segment revenue fell by 19.8 percent 12,396 crore, while the copper and iron ore segments saw a boom.

Vedanta said its gross debt stands at 66,182 crore by the end of March while the net debt was 45,260 crores. For FY23, the company anticipates capital expenditure of $1.7 billion, up from $1.2 billion this year.

Vedanta shares closed up 1.90 per cent on May 22. 287.35 per share on BSE.