Hindustan Zinc announces 500% dividend: Vedanta subsidiary to pay ₹10 per share dividend, check record date

In a filing to the stock exchanges, the subsidiary of Vedanta Ltd said that the company’s Board on May 7, 2024, approved a proposal for an interim dividend of 500% per share of the face value of ₹2 each.

The total dividend payout amounts to ₹4,225.32 crore, Hindustan Zinc informed the stock exchanges.

The record date for the interim dividend’s payment has been fixed as Wednesday, May 15. The company added that the interim dividend will be disbursed within the prescribed timelines.

In April, the company announced its financial results for the fourth quarter and full year ended March 31, 2024.

During the quarter, revenue from operations stood at ₹7,549 crore, marking a 3% rise quarter-on-quarter (QoQ), primarily attributed to improved zinc volumes. Comparatively, there was an 11% year-on-year (YoY) decline in revenue, primarily due to reduced zinc and lead prices, alongside decreased lead volume. However, this decrease was somewhat offset by heightened zinc and silver volumes, increased silver prices, and favourable exchange rates, said the company in an exchange filing.

For the full year, revenue from operations stood at ₹28,932 crore, reflecting a 15% YoY decline.

In Q4FY24, EBITDA stood at ₹3,637 crore, indicating a 2% QoQ rise and a 14% YoY decline. For the fiscal year 2024, EBITDA stood at ₹13,677 crore, down 22% YoY.

Net profit for the March quarter stood at ₹2,038 crore, showing a marginal sequential increase, but dropped 21% YoY. Similarly, for the fiscal year 2024, net profit stood at ₹7,759 crore, marking a 26% YoY decline. This decline was attributed to lower EBITDA, partially offset by reduced tax expenses.

Hindustan Zinc Limited shares closed at ₹449 apiece, down 3.2%, on the NSE.