Vedanta announces dividend worth Rs 6,877 cr, Rs 18.5 per equity share

The board has approved the first interim dividend of Rs 18.50 per equity share which is 1850% on face value of Re 1/- per share for the Financial Year 2023-24

Anil Agarwal's Vedanta on Monday declared the first interim dividend of Rs 18.50 per equity share for the current financial year 2023-24. The dividend will amount to Rs 6,877 crore.

"The Board of Directors of the company through resolution passed by circulation on Monday, May 22, 2023 have approved the first interim dividend of Rs 18.50 per equity share which is 1850 per cent on face value of Re. 1/- per share for the financial year 2023-24 amounting to Rs 6,877 crores.," the company said in a stock exchange filing.

Accoring to the company, the record date for the purpose of payment of dividend is Tuesday, May 30, 2023.

The interim dividend will be paid within stipulated timelines as prescribed under law. 

The company, which has its headquarters in Mumbai, had announced five dividends in total for the fiscal year 2023, bringing the total payout to more than Rs 101.50 per share.

 

The large mining and metals company reported a 68 per cent decline in profit for the three months ending in March due to falling metal prices.

For the quarter that ended in March, Vedanta's consolidated net profit was Rs 1,881 crore, down from Rs 5,799 crore in the same period last year.

In the meantime, revenue for the third quarter fell 5 per cent to Rs 37,225 crore. From 39 per cent to 33 per cent of total income came from the primary aluminium business.

On Monday, ahead of the dividend announcement, the stock closed nearly 2 per cent higher at Rs 287.50 apiece on the National Stock Exchange (NSE).