Vedanta Ltd on Friday reported 42 per cent decline in consolidated net profit to ₹3,092 crore for the December 2022 quarter. This is against a net profit of ₹5,354 crore in the year-ago period, Vedanta said in a regulatory filing.
The consolidated revenue of Vedanta declined by 0.017 per cent to ₹33,69 crore in the quarter under review from ₹33,697 crore a year ago.
The board of directors of Vedanta has approved the fourth interim dividend of ₹12.50 per equity share. The record date is set as February 4, 2023.
“The Board of Directors of the Company has approved the Fourth Interim Dividend of ₹12.50 per equity share i.e. 1250% on face value of Re. 1/‐ per share for the financial year 2022‐23 amounting to ₹4,647 Crores. The record date for the purpose of payment of dividend is Saturday, February 04, 2023. The interim dividend will be paid within the stipulated timelines as prescribed under law,” said Vedanta in its filing.
However, on a quarter-on-quarter basis, net profit grew 15 per cent to ₹3,092 crore from ₹2,690 crore.
Consolidated quarterly EBITDA of ₹7,100 crore with EBITDA margin of 24%.
“We have delivered a strong set of financial results and steady operational performance in challenging macroeconomic environment. Our quarterly Profit after tax grew 15% on sequential basis to ₹3,092 crore; free cash flow (pre capex) stood at ₹6,504 crore with focus on working capital and cost optimization. Our ESG initiatives have been recognized by several major external rating agencies. We have approved plans for another 941 MW RE power under group captive RE power development program. I am also happy to share that Vedanta and Hindustan Zinc Limited Boards have taken strategic initiative to consolidate Zinc International under Hindustan Zinc. It will be a win-win transaction, unlocking significant value for both Vedanta Limited and Hindustan Zinc Limited shareholders,” said Sunil Duggal, Chief Executive Officer, Vedanta.
The company has announced another 941 MW RE power under group captive RE power development program.
“I am also happy to share that Vedanta and Hindustan Zinc Limited Boards have taken a strategic initiative to consolidate Zinc International under Hindustan Zinc,” the company said.
The company’s board has approved the sale of Vedanta Zinc International (VZI) business (Gamsberg, Black Mountain and Skorpion operations) to Hindustan Zinc Limited (HZL) for a cash consideration of $ 2,981 mn, including $562 mn as deferred consideration linked to certain milestones.
“This is a win-win transaction and will unlock significant value for both Vedanta Limited and HZL shareholders. With combined R&R of 1,150 mn tonnes Ore and 60+ mn tons Metal, HZL will have potential to become the largest global Zinc player. Vedanta will continue to participate in this growth story through Hindustan Zinc,” said Vedanta in its filing.
The company’s scrip ended 1.96 per cent down to ₹319.85 on BSE.
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