Vedanta Ltd., a leading global oil, gas, and metals company, has approved an interim dividend of USD 1.56 billion, with 1.02 billion to be received by its holding company, Vedanta Resources Limited.
The metals-to-oil conglomerate reported a 60.8% drop in quarterly profit for the quarter ended September due to cooling global commodity prices and a surge in fuel and power expenses.
The company’s consolidated net profit fell to Rs 1,808 crore from Rs 4,615 crore a year earlier, while revenue increased 20% year on year to Rs 36,237 crore.
Vedanta Resources Ltd. has announced the third interim dividend of Rs 17.50 per equity share for the financial year 2022–23, amounting to Rs 6,505 crore.
The record date for payment of the dividend is November 30, and the interim dividend will be paid within the prescribed timelines as prescribed under law.
A dividend is the distribution of surplus from a listed company’s profits to its shareholders.
Vedanta Resources Ltd. is now focusing on completing the expansion of Electrosteel Ltd. to three million metric tonnes from 1.5 million metric tonnes.
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