The dividend declared by Vedanta to the shareholders is more than the interest earned by any bank. “The Board of Directors of the company on Tuesday approved a third interim dividend of Rs 17.50 per equity share i.e. 1,750 per cent of the face value of Rs 6,505 crore per equity share for the financial year 2022-23,” Vedanta said in a notice to the stock exchange. “
What was the dividend for the first two times?
The company said the record date for dividend distribution is next week, November 30. Interim dividend shall be paid within the time frame prescribed by law. Vedanta had earlier declared a first interim dividend of Rs 31.5 and a second interim dividend of Rs 19.50 per equity share. Vedanta Limited operates in Oil & Gas, Zinc, Lead, Silver, Aluminium, Iron Ore, Steel and Power businesses. Vedanta Resources, headquartered in London, is the parent company of Vedanta Limited and holds 69.7 per cent stake. Anil Aggarwal’s family investment vehicle Vulcan owns 100% in Vedanta Resources.
Anil Aggarwal is exiting the steel business
Recently, it was reported that Anil Aggarwal-led Vedanta Group has decided to sell steel company Electrosteel Steels Limited. The group acquired the company 4 years ago. In an Economic Times report, sources were quoted as saying that the group now wants to focus on its core business of mining and industrial business and reduce debt in the balance sheet. Investors should note that at the end of March, Vedanta Group had debt of $11.7 billion.
Net profit declines in second quarter
Vedanta’s consolidated net profit fell 60.8 percent to Rs 1,8808 crore in the second quarter of the current financial year i.e. July-September. The company had made a profit of Rs 4,615 crore in the same quarter last year. Also, between July and September 2022, the company’s expenses reached Rs 33,221 crore, which was Rs 23,171 crore during the same period last year. Consolidated income rose to Rs 37,351 crore in the second quarter. Whereas in the same quarter a year ago, its consolidated income was Rs 31,074 crore.