Vedanta Q3: Net Profit Declines By 41% To Rs 2,464 Crore

According to the company's exchange filing, operating revenue totaled Rs 33,691 crore, a 0.01 per cent decrease from Rs 33,697 crore in the same quarter last year.

Metal-to-oil conglomerate Vedanta Ltd posted a loss of 40.8 per cent ( Image Source :Getty )

Metal-to-oil conglomerate Vedanta Ltd posted a loss of 40.8 per cent in consolidated net profit at Rs 2,464 crore for the third quarter ending December 2022. According to the company’s filing with BSE, Vedanta had a consolidated net profit of Rs 4,164 crore in the year-ago period.

According to the company's exchange filing, operating revenue totaled Rs 33,691 crore, a 0.01 per cent decrease from Rs 33,697 crore in the same quarter of previous fiscal.

The Board of Directors of the Company also approved the fourth interim dividend of Rs 12.50 per equity share amounting to Rs 4,647 crore. The record date for the payment is February 4, 2023.

Sunil Duggal, Vedanta's chief executive officer said, "We have delivered a good set of financial results and sustained operational performance in a challenging macroeconomic climate."

The consolidated income of the company in the October-December period increased marginally by 0.4 per cent to Rs 34,818 crore from Rs 34,674 crore in the year-ago period.

A subsidiary of Vedanta Resources Ltd, Vedanta Ltd is a diversified global natural resources company. It has significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminum, and power across India, South Africa, and Namibia. 

The company’s Board approved the sale of Vedanta Zinc International (VZI) business (Gamsberg, Black Mountain, and Skorpion operations) to Hindustan Zinc Limited (HZL) for a cash consideration of $2,981 mn, including $562 mn as deferred consideration linked to certain milestones, the company’s filing said. 

Chief Executive Officer Sunil Duggal said, “We have approved plans for another 941 MW RE power under group captive RE power development program. I am also happy to share that Vedanta and Hindustan Zinc Limited Boards have taken a strategic initiative to consolidate Zinc International under Hindustan Zinc.”

Vedanta said that its quarterly alumina production decreased by 2 per cent quarter on quarter (QoQ) to 443 kilotonnes (kt) due to maintenance activities in calciners. Karnataka's saleable iron ore production increased by 32 per cent QoQ to 1.4mn tonnes. Pig iron production was higher by 66 per cent QoQ as the second quarter was impacted by the shutdown of the smaller blast furnace.