Hindustan Zinc Q4 profit falls 21% on plunging metal prices
Vedanta group firm’s revenue grew just 3% at ₹7,549 cr QoQ but fell 11% YoY on significantly lower zinc & lead prices and lower lead volume
Vedanta group firm’s revenue grew just 3% at ₹7,549 cr QoQ but fell 11% YoY on significantly lower zinc & lead prices and lower lead volume
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In the September quarter, the company's revenue from operations stood at ₹6,791 crore, down by 18.5%, as against ₹8,336 crore in the corresponding period of the previous year.
For the first time, Hindustan Zinc has paid a royalty of 1.7% of the annual revenue to Vedanta, which will be used by parent, Vedanta Resources, to pare some of its debt.
The metal and mining major pledged 13.94 crore shares or 3.3% stake in its subsidiary Hindustan Zinc on May 22 in favour of Axis Trustee Services
With the fifth dividend, Vedanta’s total outgo for the current fiscal will be ₹101.5 per share, which amount to ₹37,730 crore, the highest ever by the company.
The Vedanta-backed metal company has declared an equity dividend amounting to ₹49.50 per share in the past 12 months
The market capitalisation of the Anil Agarwal-led company slipped below ₹1 lakh crore marks amid continued fall in Vedanta shares for the last eight sessions.
The demand will be triggered by the consumption of galvanised steel that will be needed for highways and high speed rail projects, says Arun Misra, CEO, Hindustan Zinc.
Vedanta board approves the fourth interim dividend of ₹12.50 per equity share for FY23 amounting to ₹4,647 crore.