Vedanta Declares Rs. 31.5/ Share First Interim Dividend; Net Profit Declines 5% YoY

The minings and minerals company Vedanta in its board meet declared the first interim dividend for the Financial year 2023.

In the filing, the company informed "that the Board of Directors of the Company have approved First Interim Dividend of Rs.31.5 per equity share i.e. 3150% on face value of Re. 1/- per share for the Financial Year 2022-23 amounting to Rs. 11,710 Crores. The record date for the purpose of payment of dividend is Monday, May 9, 2022. The interim dividend will be paid within stipulated timelines as prescribed under law.

Vedanta Declares Rs. 31.5/ Share First Interim Dividend; Net Profit Declines 5% YoY

Alongside the company also announced its quarterly results, wherein its net profit for the period under review fell by 5% to Rs. 7261 crore in comparison to Rs. 7628 crore in the same quarter a year ago.

The company's revenue from operations increased to Rs. 39342 crore as against Rs. 27,874 crore in the same quarter a year ago.

"I am delighted to share record operational and financial performance for FY22. We have delivered historical best EBITDA of ₹45,319 crore and PAT (before exceptional and one-time tax credit) of ₹24,299 crore. This reflects our relentless focus on volume growth and operational efficiency, underpinned by structural integration and technology adoption," Vedanta CEO Sunil Duggal said.
"The strong free cash flow (pre capex) of ₹27,154 crore has allowed us to reinvest for growth, further strengthen our balance sheet and continue our attractive dividend pay-out. As a part of our ESG Journey, we have signed an agreement for 580 MW renewable power distribution which brings us one step closer towards becoming a Net Zero Carbon organization. As we leap forward, we are committed to make Vedanta stronger through growth, vertical integration, operational efficiencies and renewed ESG purpose," he added.