Vedanta’s interim dividend decision to be taken in board meet today

“The Board of Directors of the Company (the “Board”) on Tuesday, November 22, 2022, will consider and approve Third Interim Dividend on equity shares, if any, for the Financial Year 2022-23. Please note that the record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as Wednesday, November 30, 2022,” Vedanta had informed in an exchange filing earlier this month.

Vedanta has been returning cash to shareholders through interim dividends every quarter, final dividends at the year-end and an occasional special dividend. In the past 12 months, Vedanta has declared an equity dividend amounting to ₹77.50 per share. At the current share price , this results in a dividend yield of 25.17%, as per data by Trendlyne.

Billionaire Anil Agarwal-led Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading mining and metals company with interests in zinc-lead-silver, Iron ore, Steel, Copper, Aluminium, Power, Oil and Gas across India, South Africa and Namibia.

For the quarter ended September, the metals-to-oil conglomerate reported a 60.8% slide in quarterly profit, on cooling global commodity prices and a surge in fuel and power expenses. Its consolidated net profit fell to ₹1,808 crore from ₹4,615 crore a year earlier. Revenue was up 20% year-on-year to ₹36,237 crore as compared to ₹23,171 crore, but declined 5.3% sequentially.

Vedanta Group has been focusing on completing the expansion of Electrosteel Steels Ltd to three million tonnes from 1.5 million tonnes amid rumours about the company’s exit from the steel business. The Group scooped Electrosteel Steels four years ago.

“As of date, this (exiting Electrosteel) is not a topic for us. The only priority is to raise the (production) capacity to 3 million tonnes. I just visited the Electrosteel facility and reviewed the progress,” said Vedanta Group CEO Sunil Duggal at the curtain raiser event of CII organised Global Mining Summit 2022.