Vedanta Board Declares Rs 7 Per Share Dividend, Sets June 24 Record Date
Earlier today, Vedanta Ltd. reduced its stake in Hindustan Zinc by selling shares in the secondary market for Rs 3,018 crore.
Vedanta Ltd. has announced the approval of its first interim dividend of Rs 7 per share following the conclusion of its board meeting on Wednesday. The company has designated June 24 as the record date for this dividend payout.
In the previous financial year, Vedanta gave Rs 17,000 crore in dividends to its shareholders, amounting to Rs 43.5 per share.
Earlier today, Vedanta Ltd. reduced its stake in Hindustan Zinc by selling shares in the secondary market for Rs 3,018 crore. Last year, the company had offloaded a 1.51% stake through an offer for sale.
Vedanta's fourth-quarter financial results saw a revenue increase of 1.65%, reaching Rs 40,455 crore compared to Rs 39,795 crore in the previous quarter.
This figure slightly exceeded the estimated Rs 39,593 crore. Despite the revenue growth, the company's earnings before interest, tax, depreciation, and amortisation fell by 2.7% to Rs 11,466 crore from Rs 11,784 crore, missing the estimated Rs 12,356 crore. This decline in Ebitda indicates rising operational costs and other financial pressures.
The Ebitda margin contracted to 28.34% from 29.61%, falling short of the estimated 31.2%. Additionally, net profit decreased by 1.8% to Rs 3,483 crore, down from Rs 3,547 crore, though it slightly exceeded the estimated Rs 3,456 crore.
The company's share price rose 1.92% during the day but later declined to trade 0.49% lower at Rs 456 per share.
