Metal major Vedanta on Thursday declared the first interim dividend of Rs 11 per equity share for the financial year 2024-25, amounting to a payout of Rs 4,089 crore. The company has set May 25 as the record date for the payment of dividend.
In another decision, the Vedanta board also gave its consent to raising of funds by issue of equity shares for an aggregate consideration of up to Rs 8,500 crore.
The company board has also approved setting up of a continuous cast copper rod plant in Saudi Arabia.
Investment in Vedanta Copper International VCI Company Limited (VCI) will see establishment of a state-of-the-art copper rod manufacturing facility with a projected capacity of 125 KTPA, which the company said will enable it to explore more growth opportunities in new geographies. Post the investment, VCI shall become a direct wholly owned subsidiary of Vedanta, the company filing on Thursday said.
The announcements were made after market hours and the stock had ended at Rs 433.60 on the NSE — down by Rs 3.80 or 0.87% over Wednesday’s closing price.
Earlier, the company had reported a net profit of Rs 1,369 crore for the March-ended quarter, down over 27% (YoY) compared to Rs 1,881 crore reported in the year-ago period. Consolidated revenue from operations for the quarter stood at Rs 34,937 crore, down 6% YoY over Rs 37,225 reported by the company in Q4FY23.
For the full year ended March 31, the profit after tax stood at Rs 4,239 crore vs Rs 10,574 crore in FY23 — a sharp 60% YoY drop.
As for FY24 revenue from operations, the numbers stood at Rs 1,41,793 crore, down from Rs 1,45,404 crore.
The company\’s lower PAT and revenue for the January-March quarter was despite the expenses of Rs 31,899 crore vs Rs 32,215 crore in Q3FY24 and Rs 33,041 crore in Q4FY23.
