Vedanta declares third interim dividend for FY22

The company board has agreed to a third interim dividend of Rs 13 per equity share

The company board has agreed to a third interim dividend of Rs 13 per equity share on the face value of rupee 1 per share for the current financial year 2021-2022, a total sum of Rs 4,832 crore. Vedanta in a regulatory filing said that the record date for payment of dividends is Thursday, March 10, 2022. 

Shares of Vedanta Limited have appreciated by 6 per cent in the last 5 days and trades at Rs 375.70 apiece on BSE. Vedanta Ltd has also reported a 26.2 per cent rise in consolidated net profit at Rs 4,164 crore for the quarter ended December 31, 2021. Its consolidated income during the second quarter of FY21 increased to Rs 34,674 crore from Rs 23,621 crore in FY20. 

Due to increased tensions between Russia and Ukraine Vedanta will profit from the sharp increase in base metal prices, and also be supported by the surge in energy prices. They also expect good operating performance on improving volumes and higher longer metal prices, which would continue to drive good dividends.  

Earlier, Vedanta has earmarked USD 15 billion for a foray into an electronic chip and display manufacturing space and plans to scale up investment to as much as USD 20 billion (about Rs 1.5 lakh crore). The company for use in mobile phones and electronic devices expects to roll out display units, by 2024 and electronic chips from Indian manufacturing plants by 2025. 

''Semiconductor is a long-term business. We are looking at about USD 10 billion on display. Right now, we are looking at USD 7 billion in semiconductors that may also go up by another USD 3 billion to further extend it. First 10 years we have engaged to invest up to USD 15 billion. We will evaluate further investment at a later stage.” said Akarsh Hebbar, Vedanta Group's Global Managing Director of Display and Semiconductor Business.