Vedanta Okays First Interim Dividend Of Rs 18.5 For Fiscal 2023-24

Mumbai (Maharashtra) [India]: The board of directors of Vedanta on Monday approved the first interim dividend of Rs 18.5 per equity share for the financial year 2023-24.

The dividend will be 1850 per cent on the face value of Rs 1 per share and amounts to Rs 6,877 crore.

The record date to determine the entitlement of the equity shareholders has been fixed on May 30. The interim dividend will be paid within stipulated timelines as prescribed under law, the mining giant said on Tuesday.

The shares of the company were trading 0.38 per cent up at Rs 288.60 apiece at the time of closing on BSE. In a span of five days, it had surged more than Rs 288.60 apiece.

According to records in NSE, Vedanta declared an equity dividend of Rs 70 per share, which showed that a massive dividend yield of 24.35 per cent.

Vedanta recently reported its consolidated quarterly revenue in January-March 2023 was at Rs 37,225 crore, up 10 per cent on a quarter-on-quarter basis.

It said the revenue increased due to higher sales across businesses and improved prices of its output.

Consolidated profit after tax was at Rs 3,132 crore, up 1 per cent on a quarter-on-quarter basis.

The mining company said it declared an interim dividend of Rs 33 per cent share in Q4FY23.

‘Our commitment to operational excellence has helped us deliver record performance across our key businesses. We have delivered the highest-ever free cash flow (pre-capex) of Rs 28,068 crore, enabling us to reinvest for business growth and provide our valued shareholders with attractive dividends,’ said Sunil Duggal, chief executive officer, Vedanta.

‘Our progress on ESG (environmental, social and governance) transformation has been recognised by leading rating agencies, making it a remarkable year for us. Going ahead, we remain committed to operational excellence, shareholder value creation and transforming for good,’ Duggal added.