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Hindustan Zinc, owned by Vedanta Ltd, on Wednesday announced that it will give an interim dividend of Rs 6 per equity share for 2022-23. According to the announcement, the total expenditure of this will be Rs 2,535.19 crore.
The record date for the payment of the dividend is December 14, 2023. Notably, Hindustan Zinc is the world's second-largest integrated zinc producer and fifth-largest silver producer.
Earlier in July, Hindustan Zinc announced its first interim dividend of Rs 7 per share.
Last month, Arun Misra, chief executive officer (CEO), said the company is likely to deliver a stable performance in the coming quarters on the back of the government's thrust on expenditure on infrastructure and expectations of sustained growth in the country.
He said that notwithstanding the prevailing global uncertainty and the related challenges, projections on zinc demand in the country are promising.
"There is an optimism of continued stable performance from the company in the coming quarters," Misra said.
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Estimates suggest a further decline in global economic growth this year to 2.8 per cent from 3.4 per cent last year, he added.
The company, he said in the company's Integrated Annual Report 2022-23, is ideally placed to harness the strong demand and emerging growth opportunities led by the Indian growth story.
In the quarter that ended on September 30, the company had reported a 35 per cent year-on-year (Y-o-Y) dip in net profit (Q2FY24) as London Metal Exchange (LME) prices came under pressure.
The company's metal production and revenues also took a dip on a Y-o-Y basis.
For Q2FY24, Hindustan Zinc's net profit was at Rs 1,729 crore. Sequentially, net profit dipped 12 per cent.
Post the announcement on Wednesday morning, Hindustan Zinc's shares were trading 1.06 per cent higher at Rs 328.35 apiece on BSE.
(With agency inputs)
