mining chief and led by anil agarwal Vedanta Limited Announced on Wednesday that its board has approved an interim dividend of Rs 18.50 per share for FY22 which will amount to Rs 6,877 crore. This is the company’s first dividend for the current financial year with the record date fixed for payment of this dividend on September 9, 2021.” Vedanta has informed the Exchange that the Board of Directors in its meeting held on September 01, 2021 declared an interim dividend of Rs 18.5 per equity share,” the National Stock Exchange of India noted.
The announcement of Vedanta Limited’s dividend comes after Hindustan Zinc’s announcement on August 17 with regard to deferment of decision on potential interim dividend for FY2222. Vedanta Ltd., a subsidiary of Vedanta Resources Ltd., is one of the world’s leading oil and gas and metals companies, engaged in the production of oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminum and across India, South It performs important operations in electricity. Africa, Namibia and Australia. The company’s management has repeatedly reiterated that its main focus is now on reducing its carbon footprint and maximizing value for shareholders. In addition, Vedanta Limited, a subsidiary of Vedanta Resources Limited, holds 64.92 percent stake in Hindustan Zinc.
It should be noted that Vedanta has declared only one dividend in the last few years. The company declared an interim dividend of Rs 9.50 per share in FY21 and Rs 3.90 per share in 2019-2020. The company was able to post the highest ever quarterly EBITDA of Rs 10,032 crore, which is 150 per cent higher than the corresponding period last year, despite battling uncertain market conditions.
In the first quarter of FY12, Vedanta Ltd.’s standalone net profit stood at Rs 3,336 crore, while consolidated net profit stood at Rs 5,282 crore in the reporting period. Total income in the April-June period of the current financial year increased to Rs 29,151 crore from Rs 16,998 crore in the same quarter a year ago. Further, the company saw a four-fold jump in its consolidated profit after tax to Rs 4280 crore during the first quarter of FY22. However, the company’s net debt stood at Rs 20,261 crore. Vedanta, which holds a stake in the zinc producer, received an amount of Rs 4,500 crore, which was to be fully paid to Vedanta shareholders as per the company’s Dividend Distribution Policy (DDP).
Last week, Moody’s Investors Service upgraded Vedanta’s senior unsecured notes from ‘CAA1’ to ‘B3’. It has confirmed the B2 Corporate Family Rating of the holding company Vedanta Resources Limited (VRL). Moody’s has also changed the outlook for all ratings from ‘negative’ to ‘stable’. At 1459 hours IST, Vedanta shares were trading 8.05 points or 2.70 per cent higher at 306.00.
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