Hindustan Zinc declares Rs 7 per share dividend. Parent Vedanta to get Rs 1920 crore
Hindustan Zinc's Board has approved an interim dividend of Rs 7 per equity share for the current financial year which will incur an expenditure of Rs 2957.72 crore for the Vedanta subsidiary, an exchange filing released on Saturday, July 8 said. Vedanta which owns 64.92% stake or over 274.31 crore shares in the company is likely to get Rs 1920.21 crore as dividend money. The dividend payout will be 350% on face value of Rs 2 per equity share for the Financial Year 2023-24, the exchange filing said.
The record date for the purpose of payment of interim dividend will be Saturday July 15, 2023. The returns given by Hindustan Zinc shares over the last 12 months stand at near 33% according to Trendlyne data which is higher from the returns given by Nifty50 during this time. The latter has given returns of 20%, Trendlyne data suggested.
On Friday, the stock ended with gains amid strong buying action. At the closing time, nearly 34 lakh shares changed hands on the NSE. Hindustan Zinc shares are trading at a discount of 12 from their 52-week high of Rs 383 which they hit in January, this year.
Hindustan Zinc's consolidated net profit fell 12% to Rs 2,583 crore for the fourth quarter ended March. It was Rs 2,928 crore in the same period last year. Revenue from operations too dropped 4% to Rs 8,281 crore for the reporting quarter, mainly on account of lower zinc, lead and silver prices partly offset by higher metal and silver volumes.
The revenue figure was at Rs Rs 8,631 crore in the year-ago period. Sequentially, revenue was up by 8%, led by improved metal and silver volumes. The company has reported an EBITDA of Rs 4,208 crore for the March quarter, down 16.0% year-on-year and up 13.2% sequentially.
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