Vedanta Limited
Vedanta Limited: The Board of Directors of the Company also approved the fourth interim dividend of Rs 12.50 per equity share amounting to Rs 4,647 crore on 27th January 2023. The record date for the payment is 4th February 2023.
On Friday, Vedanta Limited reported a 40.81 percent drop in consolidated net profit for the quarter that ended December 2022 at Rs 2,464 crore against Rs 4,164 crore in the same quarter last year.
The revenue from operations came in at Rs 33,691 crore, down 0.01 percent from Rs 33,697 crore in the corresponding quarter a year ago, the company said in an exchange filing.
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The company said it continues to maintain healthy cash and cash equivalents of Rs 23,474 crore as on 31st December 2022.
Vedanta also stated that its board approved the sale of Vedanta Zinc International (VZI) business to Hindustan Zinc Limited (HZL) for a cash consideration of US$ 2,981 mn, including $562 mn as deferred consideration linked to certain milestones.
“We have delivered a strong set of financial results and steady operational performance in a challenging macroeconomic environment,” Chief Executive Officer Sunil Duggal said.
“We have approved plans for another 941 MW RE power under the 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”, CEO said in a statement.
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The company said its quarterly alumina production decreased by 2 percent quarter on quarter (QoQ) to 443 kilotonnes (kt) due to maintenance activities in calciners. Karnataka’s saleable iron ore production increased by 32 percent QoQ to 1.4mn tonnes. Pig iron production was higher by 66 percent QoQ as the second quarter was impacted by the shutdown of the smaller blast furnace.
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