Vedanta group firm Hindustan Zinc informed that the company will pay an interim dividend of Rs 21 per equity share following a board meeting. The company said that the dividend payout would lead to an outflow of Rs 8,873 crore.
“We wish to inform you that the Board of Directors of the Company through resolution passed by circulation on Wednesday, July 13, 2022 have approved Interim Dividend of Rs 21 per equity share i.e. 1050 per cent on face value of Rs 2 per share for the financial year 2022-23 amounting to Rs 8,873.17 crores,” the regulatory filing stated.
The interim dividend will be paid within stipulated timelines as prescribed under law, the exchange filing further noted.
The record date for payment of the dividend would be July 21 and the dividend would paid within the stipulated timeline, the company said.
The disclosure came days after Hindustan Zinc reported a 14 per cent increase in mined metal production to 2,52,000 tonnes during the first quarter of FY23. The refined metal production in the first quarter of the current fiscal was at 260,000 tonnes, registering a rise of 10 per cent as compared to Q1 FY22 in line with availability of mined metal and better plant availability and flat sequentially, it had said.
The refined metal production in the first quarter of the current fiscal was at 260,000 tonnes, registering a rise of 10 per cent as compared to Q1 FY’22 in line with availability of mined metal and better plant availability and flat sequentially.
The output of integrated zinc increased by 10 per cent to 2,06,000 tonnes. “Refined lead production was 54,000 tonnes for Q1 FY23, up 11 per cent as compared to Q1 FY22 and up 9 per cent sequentially on account of better plant availability and Pyro plant operation on lead-mode for part of the quarter,” it said.
Shares of Hindustan Zinc ended trade on the BSE on Wednesday at Rs 271.85 apiece, up 1.44 per cent over the previous day’s close. Anil Agarwal-led Vedanta has a 64.9 per cent stake in Hindustan Zinc. The Government of India owns 29.5 per cent in the company.
Financials
The company, in the last financial results released for the quarter ending April 30, 2022, said the consolidated net profit during the period increased to Rs 2,928 crore, marking an 18 per cent year-on-year surge.
The consolidated income during the January-March period increased to Rs 9,074 crore from Rs 7,242 crore in the year-ago period, it had said.
Last week, the Centre had sought bids from merchant bankers to assist it in offloading its 29.5 per cent stake in the company. The plan is to sell the stake in the open market in tranches.
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