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Hindustan Zinc announces 500% dividend; May 15 fixed as record date
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Both Hindustan Zinc and Vedanta were among the top dividend paying companies in 2023.
The board of Hindustan Zinc Ltd. has approved an interim dividend of ₹10 per equity shares of face value of ₹2 each. This will result in a total outgo of ₹4,225.32 crore.
Vedanta Ltd., the company’s promoter that owns a 64.92% stake in Hindustan Zinc, will receive a total payout of ₹2,743 crore.
Hindustan Zinc’s ₹10 dividend announcement is a return to double digits for the company, that had declared dividends of ₹7 and ₹6 per share, respectively in July and December last year.
The Government, which also holds a 29.5% stake in Hindustan Zinc, will also receive a payout of ₹1,247 crore.
Record date for the interim dividend has been fixed as May 15, 2024.
Both Hindustan Zinc and Vedanta were among the top dividend paying companies in 2023.
For the March quarter, Hindustan Zinc had reported revenue of ₹7,549 crore, while margins were higher than estimates at 48.3%. Compared to a net debt of ₹370 crore during the December quarter, Hindustan Zinc turned net cash worth ₹1,700 crore at the end of the March quarter.
The management highlighted that both mined metal and refined metal production in financial year 2025 is likely to be higher than financial year 2024. Project capex for the year is likely to be in the range of $270 million to $325 million.
Shares of Hindustan Zinc are down 3.7% at ₹447. The stock has risen 43% in the last 12 months. Shares are up 40% in 2024 itself.
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