Hindustan Zinc To Consider 2nd Interim Dividend On 6th Dec For FY24, Sets Record Date

A well-known dividend-paying stock of Dalal Street Hindustan Zinc (HZL) has declared that, for the current fiscal year 2023-2024, the company will consider paying out its second interim dividend on December 6. On Thursday, December 14, the record date has been set for the interim dividend payment.

"In terms of Regulation 29 and 42 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 we wish to inform you that the meeting of the Board of Directors of the Company will be held on Wednesday, December 06, 2023 to consider 2nd interim dividend on equity shares, if any, for the Financial Year 2023-24.

Further, pursuant to the provisions of the Securities & Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and Insider Trading Prohibition Code of the Company, it is to inform that the trading window will remain closed for the designated persons from December 03, 2023 till December 08, 2023 (Both days inclusive). The Record date for eligibility of 2nd interim dividend, if any, so declared will be Thursday, December 14, 2023," said Hindustan Zinc in a stock exchange filing.

In a meeting on Saturday, July 8, 2023, the company's Board of Directors authorised the first interim dividend of Rs. 7 per equity share, or 350% of the share's face value of Rs. 2/-, for the financial year 2023-24, totalling Rs. 2957.72 crores. July 15, 2023, was the record date for the purpose of 1st interim dividend.

An equity dividend of 3775.00% at a face value of Rs 2 (or Rs 75.5 per share) has been declared by Hindustan Zinc for the financial year ended in March 2023. This equates to a dividend yield of 25.15% at the current share price of Rs 300.55. With five years of consecutive dividend declarations under its belt, the firm has a solid dividend track record.

Hindustan Zinc Ltd. has announced 40 dividends since June 28, 2001, according to Trendlyne statistics.
A Vedanta Group company, Hindustan Zinc Ltd., recorded a net profit of Rs 1,729 crore for the second quarter of FY24, a 35.5% YoY decrease from Rs 2,680 crore during the same time in the previous fiscal year. In Q2FY24, the company's revenue from operations fell 18.5% YoY to Rs 6,792 crore from Rs 8,336 crore in Q2FY23. EBITDA dropped by 29% to Rs 3,139 crore in the September 2023 quarter compared to Rs 4,407 crore in the same period the previous financial year. The EBITDA margin decreased from 52.9% to 46.2% YoY, a decrease of 670 basis points (bps).

On Friday, the shares of Hindustan Zinc closed on the BSE at Rs 300.55 apiece.