Home/ Companies / News/  Hindustan Zinc to pay Rs26 per share as interim dividend

Hindustan Zinc Ltd., owned by billionaire Anil Agarwal, has announced its fourth interim dividend of 26 per share, amounting to a total payout of 10,985.83 crore. According to an exchange filing, the record date for the payment of the dividend is March 29, 2023, as previously communicated. 

With this, its fourth dividend payout, HZL, India's largest integrated integrated producer of Zinc, Lead and Silver business has declared its highest-ever dividend of 32,000 crore for FY 23.    

In the three previous interim dividends, Hindustan Zinc first traded ex-dividend on July 20, 2022, for a payment of 21 per share for FY23. It then traded ex-dividend on November 23, 2022, for a payment of 15.50 per share, and on January 30, 2023, for a payment of 13 per share for FY23.

The fourth interim dividend will enable parent Vedanta Ltd, which holds 64.92% stake and Vedanta Resources service its debt.  

"Vedanta Resources Ltd serviced its debt in fiscals 2022 and during YTD-fiscal 2023 through refinancing and dividends," Crisil said while reaffirming its rating, in a report dated December 30, 2022.

Hindustan Zinc's consolidated PAT was 2,156 crore in Q3 FY23, a 20% year-on-year decrease driven by lower EBITDA and partially offset by lower tax expense. Revenue was down 2% year on year due to lower metal and silver prices and volumes, partially offset by favourable FX rates and strategic hedging gains, and EBITDA was down 15% year on year due to lower revenues and increased costs from input commodity inflation.

"Since disinvestment in 2002, Hindustan Zinc has invested over multi billion dollars for executing expansion and debottlenecking projects in Rajasthan to grow capacities. The expansion projects include setting up smelting plants at Chanderiya and Dariba; setting up a fertilizer plant at Chanderiya; mine expansions at Rampura Agucha and Sindesar Khurd; developing renewable power supply of 450 MW and transforming the underground diesel-operated mining vehicle fleet to battery operated," the company said in a statement. 

On the NSE, shares of Hindustan Zinc closed at 310.6 apiece.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 21 Mar 2023, 07:52 PM IST
Next Story
Recommended For You
Get alerts on WhatsApp
Set Preferences My Reads Watchlist Feedback Redeem a Gift Card Logout