BackVedanta announces first interim dividend of ₹18.5 per share for FY24; check details
The dividend will be 1850 per cent on the face value of ₹1 per share and amounts to a total of ₹6,877 crore.
PremiumAnil Agarwal-led Vedanta has announced its first interim dividend of ₹18.50 for financial year 2023-24. The dividend will be 1850 per cent on the face value of ₹1 per share and amounts to a total of ₹6,877 crore.
‘’The board of directors of the company through resolution passed by circulation on Monday, May 22, 2023 have approved first interim dividend of ₹18.50 per equity share i.e. 1850 per cent on face value of Re. 1 per share for the financial year 2023-24 amounting to c. ₹6,877 crore,'' said the mining major in a regulatory filing to the stock exchanges on May 22.
Also Read: Vedanta Q4 results: Net profit declines 56% to ₹2,634 crore, dividend declared
The interim dividend will be paid within the stipulated timelines as prescribed under the law, said the company in its statement. The record date for the payment of dividend to the equity shareholders has been fixed on May 30, 2023.
On May 17, Vedanta had informed the stock exchanges that the meeting of the Board of Directors of the company is proposed to be scheduled on Monday, May 22, 2023, to consider and approve the first interim dividend on equity shares, if any, for the Financial Year 2023-24.
In fiscal year 2022-23, Vedanta had declared five interim dividends. For the fifth interim dividend of ₹20.50 per share, the company's dividend record date 2023 was fixed on April 7, 2023. Prior to this, Vedanta traded ex-dividend on four occasions in FY23. It traded ex-dividend on 6th May 2022 for payment of ₹31.50 per share interim dividend to its shareholders.
In the beginning of FY23, Vedanta's share price was around ₹400 per share. The dividend yield in the last one year is around 25 per cent. Overall, the company declared a total dividend of ₹101.50 per share in FY23.
Earlier this month, Vedanta reported a 56.3 percent year-on-year decline in net profit at ₹2,634 crore for Q4FY23, compared to ₹6,027 crore in the corresponding period last year. The revenue dropped 5.4 percent to ₹37,225 crore from ₹39,342 crore in the year-ago period.
On the day of announcing its January-March quarter results, the company's board approved the fourth and fifth interim dividends of ₹12.50 and ₹20.50 per equity share, which is 1,250 per cent and 2,050 per cent on face value of Re 1 per equity share respectively for FY23.
In terms of segmental performance in Q4FY23, the revenue of lead, zinc and silver dropped four per cent to ₹8,254 crore. Aluminum segment revenue fell by 19.8 percent to ₹12,396 crore, while copper and iron ore segments witnessed an uptick.
Vedanta said its gross debt stood at ₹66,182 crore as on March-end while net debt was at ₹45,260 crore. For FY23, the company has estimated a capital expenditure of $1.7 billion, higher than $1.2 billion this year.
On May 22, shares of Vedanta settled 1.90 per cent higher at ₹287.35 apiece on the BSE.
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