Vedanta board to meet on Sept 02 to consider third interim dividend, stock trades in green

The record date for the purpose of determining the entitlement of the equity shareholders for the dividend has been fixed as Sept. 10, the firm said. Shares of Vedanta were trading 0.25% higher on Thursday morning, following the announcement. Prior to this, Vedanta had announced interim dividends of ₹4 per share and ₹11 per share.

Earlier this month, Vedanta had announced its first quarter results. Consolidated revenue rose 6% year-on-year to ₹35,239 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 47% YoY to ₹10,275 crore while EBITDA margin improved significantly to 34%.

Net profit rose 54% YoY to ₹5,095 crore during the quarter. The firm’s net debt stood at ₹61,324 crore as on June 30, 2024.

Vedanta said that overall cost of production declined by approximately 20% YoY on the back of structural changes and other initiatives. The company witnessed its highest ever Alumina production at Lanjigarh refinery at 539 kilotonnes (kt), up 36% YoY, driven by new capacity.

Zinc India witnessed its highest-ever mined metal production during the quarter at 263 kt, up 2% YoY. Mined metal production of Zinc International stood at 38 kt, down 45% YoY due to lower tonnes milled and zinc grades.

Karnataka saleable iron ore production stood at 1.2 million tonnes, down 4% YoY, due to temporary suspension of mine production during the month of May 2024.

Ajay Goel, CFO at Vedanta had said the strong quarter reflected came on the back of cost and volume which is additionally supported by elevated commodity prices. “The overwhelming response to the Vedanta’s $1 bn QIP, one of the largest in industry, underscores investor’s huge confidence. The proceeds from the QIP will be further instrumental in deleveraging balance sheet and reduction of finance cost,” he said.

Shares of Vedanta have gained over 81% since the beginning of the year. The stock has risen over 97% in the last one year.