Vedanta to Consider 5th Interim Dividend, Whopping 30% Dividend Yield
By Malvika Gurung
Investing.com -- The mining major Vedanta (NS: VDAN ) will convene a board meeting in the week starting March 27, 2023, to consider another interim dividend for the financial year 2022-23.
The mega-cap company has announced that its Board of Directors will meet on Tuesday, March 28, 2023, for consideration and approval of the fifth interim dividend on equity shares for FY23.
If this interim dividend is given a green signal by the company’s Board, the record date for the said corporate dividend has been fixed as Friday, April 7. This means that shareholders of Vedanta whose names appear on the company’s registrar as on April 7, will be able to receive the interim dividend benefit.
So far in FY23, Vedanta has paid out a total interim dividend of Rs 81/share, excluding the 5th interim dividend benefit.
The mining major’s current stock price is Rs 269.75/share, and at this price, Vedanta’s dividend yield stands at a whopping 30.02%.
The Anil Agarwal-led mining major’s consolidated PAT rose 15% QoQ to Rs 3,092 crore in the December ending quarter but declined over 42% on a YoY basis.
Its EBITDA tanked 35% YoY and 12% QoQ to Rs 7,100 crore in Q3, led by lower output commodity prices and lower strategic hedging gains, while the EBITDA margin fell sharply to 24% from 37% YoY in the period.
Read Also: Vedanta’s Q3 PAT Tanks 42%, EBITDA Margin Slips Sharply
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