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Vedanta's record dividend to parent strains company's balance sheet

The company paid a record equity dividend of Rs 37,758 crore (approx. $4.4 billion) in FY23

Krishna Kant Mumbai

Premium

4 min read Last Updated : May 14 2023 | 11:07 PM IST

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Vedanta Limited (Vedanta) helping its parent and group holding company Vedanta Resources to deleverage its balance sheet has started to strain its balance sheet.

Vedanta’s gross debt (consolidated) was up 24.3 per cent year-on-year (YoY) in FY23 and reached a six-year high of Rs 66,628 crore by the end of March. Similarly, its net debt went up 20.3 per cent YoY to Rs 45,706 crore at the end of FY23, up from Rs 38,228 crore a year ago; it was the highest since FY20.

Analysts attributed this to a record dividend payout by the mining and metals major last financial year despite a sharp fall in its earnings and cash flows. The company reported cash & equivalent worth Rs 20,922 crore at the end of March.