The improvement in the balance sheet of Vedanta Resources, the holding company of Vedanta Group, seems to be happening at the expense of its key operating firms such as Hindustan Zinc (HZL).
HZL has turned from a debt-free company to an indebted one (on a net basis) in FY23 for the first time in more than 20 years. The metal producer gave all its accumulated cash reserves through a special dividend last financial year and was forced to borrow additionally to fund its capex plans.
The country’s top zinc and silver producer ended FY23 with a net debt of Rs 1,780 crore as against a negative net debt of Rs 17,821 crore at the end of March 2022.
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