Vedanta announced on Wednesday that its board will meet on September 2 to review and approve the third interim dividend for the fiscal year 2024-25. The record date to determine which shareholders are eligible for the dividend is set for September 10.
On Thursday morning, Vedanta’s shares were up by 0.25% following this news. Previously, the company had declared interim dividends of ₹4 and ₹11 per share.
Earlier this month, Vedanta reported its first-quarter results. The company saw a 6% increase in consolidated revenue, reaching ₹35,239 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) surged 47% year-on-year to ₹10,275 crore, with the EBITDA margin improving to 34%.
Net profit for the quarter grew 54% year-on-year to ₹5,095 crore. As of June 30, 2024, Vedanta’s net debt was ₹61,324 crore. The cost of production dropped about 20% year-on-year due to structural changes and other efforts. Alumina production at Lanjigarh refinery hit a record 539 kilotonnes, up 36% from the previous year.
Zinc India achieved its highest-ever mined metal production of 263 kilotonnes, a 2% increase from the previous year. However, Zinc International’s production fell 45% year-on-year to 38 kilotonnes due to lower milling and zinc grades. Iron ore production in Karnataka was 1.2 million tonnes, down 4% year-on-year due to a temporary suspension of mining in May 2024.
CFO Ajay Goel stated that the strong quarterly performance was driven by cost management, increased volume, and high commodity prices. He also highlighted the success of Vedanta’s $1 billion Qualified Institutional Placement (QIP), which will help reduce the company’s debt and finance costs. Vedanta’s shares have surged over 81% since the start of the year and have risen more than 97% in the past year.
